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Accounting vocab ch2

TermDefinition
Posting Copying data from the journal to the ledger
Expense The cost of operating a business; a decrease in stockholders' equity
Debit Left side of an account
Credit Right side of an account
Trial balance Lists all accounts with their balances
Formula for equity Assets - Liabilities
Formula for net income Revenue - Expenses
Receivable Always an asset
Payable Always a liability
Chart of accounts Lists a company's accounts and account numbers (without account balances)
Journal Record of transactions
Normal balance Side of an account where increases are recorded
Ledger The book of accounts and their balances
Created by: 1763
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