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Chapter 7

TermDefinition
posting the process of transferring information from the journal to individual general ledger accounts
general ledger a permanent record organized by account number
ledger account forms the accounting stationery used to record financial information about specific accounts
proving the ledger adding all debit balances and all credit balances of ledger accounts, and then comparing the two totals to see whether they are equal
trial balance a list of all the general ledger account names and balances; it is prepared to prove the ledger
transposition error error that occurs when two digits within an amount are accidentally reversed, or transposed
correcting entry an entry made to correct an error in a journal entry discovered after posting
Created by: 308918
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