Account201 Ch.2
Increase
Revenues cause retained earnings to
Journal
A chronological record of all economic events affecting a firm are recorded in a _______
Chart of accounts
A list of account names used to record transactions of a company
External Transactions
External transactions are transactions the firm conducts with a separate economic entity
True
For each journal entry, debits must be equal to credits
Credit
In a double-entry accounting system, the ____ represents the right side of the account.
Debit
In a double-entry accounting system, the _____ represents the left side of account.
Increases
Net Income ________ retained earnings
Credit
Revenue accounts are increased by _____.
Journal Entry
describes the format for the recording a transaction
Internal Transactions
events that affect the financial position of the company but do not include an exchange with a separate company or individual.
Account
summarizes all transactions related to a particular item over a period of time
Posting
the process of information from the journal to the ledger