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ACCT 2401 T1 Ch2

Information from Chapter 2 on Test 1 Review Sheet

QuestionAnswer
debit Amounts entered on the left side of an account.
credit Amounts entered on the right side of an account.
journal 1st chronological record of transactions
ledger posts from journal to ledger; groups of all accounts with balances
trial balance all accounts (assets – SE) – listed together (debits must = credits)
financial statements prepared from Trial Balance – Balance Sheet, Income Statement, Statement of Retained Earnings, Statement of Cash Flows
debit Amounts entered on the left side of an account.
credit Amounts entered on the right side of an account.
journal 1st chronological record of transactions
ledger posts from journal to ledger; groups of all accounts with balances
trial balance all accounts (assets – SE) – listed together (debits must = credits)
financial statements prepared from Trial Balance – Balance Sheet, Income Statement, Statement of Retained Earnings, Statement of Cash Flows
Created by: chellejenkins
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