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Acct. & Transactions

Accounting Ch. 2 - Analyzing and Recording Transactions

source documents documents that identify and describe transactions and events entering the accounting system
account a record of increases and decreases in a specific asset, liability, equity, revenue, or expense
general ledger or ledger; a record of all accounts and their balances
creditors individuals and organizations that have rights to receive payments from a company
debtors those who owe money
unearned revenue a liability that is recorded when customers pay in advance for products or services
chart of accounts a list of all ledger accounts with an identification number assigned to each account
T-account represents a ledger accounting and is used to show the effects of transactions
debit term describing the left side of a T-account
credit term describing the right side of a T-account
account balance the difference between total debits and total credit for an account, including any beginning balance
double-entry accounting demands the accounting equation remain in balance
double-entry accounting rules 1) at least 2 accounts are involved, with at least one debit and one credit 2) total amount debited must equal total amount credited
journal a complete record of each transaction in one place
journal shows debits and credits for each transaction
journalizing the process of recording transactions in a journal
posting the process of transferring journal entry information to the ledger
general journal used by every company to record any transaction
posting reference (PR) column the identification number of an individual ledger account
balance column accounts differ from T-accounts in setup and are more structured
trial balance a list of all ledger accounts and their balances at a point in time
debt ratio total liabilities/total assets
Created by: Kendall Posey
Popular Accounting sets




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