Chapter 2 Glossary - Chapter 2 Glossary Account Record within an accounting system in which increases and decreases are entered and stored in a specific

Chapter 2 Glossary - Chapter 2 Glossary Account Record...

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Chapter 2 Glossary Account Record within an accounting system in which increases and decreases are entered and stored in a specific asset, liability, equity, revenue, or expense. Account balance Difference between total debits and total credits (including the beginning balance) for an account. Balance column account Account with debit and credit columns for recording entries and another column for showing the balance of the account after each entry. Chart of accounts List of accounts used by a company; includes an identification number for each account. Compound journal entry Journal entry that affects at least three accounts. Credit Recorded on the right side; an entry that decreases asset and expense accounts, and increases liability, revenue, and most equity accounts; abbreviated Cr. Creditors Individuals or organizations entitled to receive payments. Debit Recorded on the left side; an entry that increases asset and expense accounts, and decreases liability, revenue, and most equity accounts; abbreviated Dr.

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