The process of transferring journal entry information to the ledger.
General Journal
A record of the debits and credits of transactions; can be used to record any transaction.
Compound journal entry
A journal entry that affects at least three accounts.
Ledger
Record containing all accounts of a business.
Credit
Recorded on the right side; an entry that decreases asset and expense accounts, or increases liability, equity, and revenue accounts.
Journalizing
Process of recording transactions in a journal.
Source documents
Another name for business papers; these documents are the source of information for accounting entries and can be in either paper or electronic form.
Account
A location within an accounting system where increases and decreases in a specific asset, liability, equity, revenue, or expense are recorded and stored.
Double-entry accounting
An accounting system in which each transaction affects at least two accounts and has at least one debit and one credit.
T-account
An account form used as a tool to show the effects of transactions and events on specific accounts.
