Dual-Credit Accounting Chapter 2
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| Account | A location within an accounting system where increases and decreases in a specific asset, liability, equity, revenue, or expense are recorded and stored.
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| Account balance | The difference between the increases (including the beginning balance) and decreases in an account.
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| Balance column account | An account with debit and credit columns for recording entries and another column for showing the balance of the account after each entry.
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| Chart of accounts | A list of accounts used by a company that includes an identification number for each account.
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| Compound journal entry | A journal entry that affects at least three accounts.
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| Credit | Recorded on the right side; an entry that decreases asset and expense accounts, or increases liability, equity, and revenue accounts.
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| Creditor | Individuals or organizations entitled to receive payments from a company.
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| Debit | Recorded on the left side; an entry that increases asset and expense accounts, and decreases liability, equity, and revenue accounts.
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| Debtors | Customers and others who owe a company.
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| Debt ratio | A ratio of total liabilities to total assets; used to describe risk associated with a company's debts.
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| Double-entry accounting | An accounting system in which each transaction affects at least two accounts and has at least one debit and one credit.
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| General Journal | A record of the debits and credits of transactions; can be used to record any transaction.
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| Journal | A record where transactions are recorded before they are posted to ledger accounts; also called book of original entry.
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| Journalizing | Process of recording transactions in a journal.
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| Ledger | Record containing all accounts of a business.
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| Owner's capital | Account showing the owner's claim on company assets; equals owner investments plus net income (or less net losses) minus owner withdrawals since the company's inception; also referred to as equity.
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| Posting reference (PR) column | The process of transferring journal entry information to the ledger.
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| 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.
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| T-account | An account form used as a tool to show the effects of transactions and events on specific accounts.
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| Trial balance | A list of accounts and their balances at a point in time; total debt balances equal total credit balances.
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| Unearned revenues | Liabilities created by advance cash payments from customers for products or service; revenues are earned when the products or services are delivered in the future.
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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