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Chapter 3

The Double-Entry Framework

TermDefinition
Double-Entry Accounting A system in which each transaction has a dual effect on the accounting elements.
Balance The difference between the footings of an account.
Footings The total dollar amounts on the debit and credit sides of an account.
Debit To enter an amount on the left side of an account.
Credit To enter an amount on the right side of an account.
Normal Balance The side of an account that is increased.
Debit Balances The normal balance of asset, expense, and drawing accounts.
Credit Balances The normal balance of liability, owner's equity, and revenue account.
Trial Balance A list of all accounts, showing the title and balance of each account, used to prove that the sum of the debits equals the sum of credits.
Created by: msilvan2006
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