A study has been carried out on the relationship between formal scattering theory and the density matrix formalism. The density operator is developed in terms of the scattering operator S and the observable square modulus matrix elements of S are shown to be equivalent to elements of the density matrix. The Møller wave operators are similarly treated and subsequently used in obtaining the density matrix expression for the transition matrix. Finally, using the latter, it is shown that the hierarchy of approximations to the density matrix yields equivalent results to those obtained from the Born series.