Accounting Chapter 2 terms
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trial balance
a list of all accounts with their balances at a point in time
Journal
a record of transactions in date order
Compound Journal Entry
a journal entry that is characterized by having multiple debits and/or multiple credits
chart of accounts
a list of all accounts with their account numbers
Account
a detailed record of all increases and decreases that have occurred in a particular asset, liability, or equity during a period of time
Debit
left side of the t-chart
credit
right side of the t-chart
normal balance
side of an account when increases are recorded
Ledger
the record holding all the accounts of a business, the changes in those accounts, and there balances
posting
transferring amounts from the journal to the ledger