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Unformatted text preview: equity accounts. 11) Journal: An accounting record in which transactions are initially recorded in chronological order. 12) Journalizing: The entering of transaction data in the journal. 13) Ledger: The entire group of accounts maintained by a company. 14) Normal Balance: An account balance on the side where an increase in the account is recorded. 15) Posting: The transfer of journal entries to ledger accounts. 16) Retained Earnings: Net income that is kept (retained) in the business. 17) Simple Entry: A journal entry that involves only 2 accounts. 18) T Account: The basic form of an account. 19) 3 Column Form of Account: A form with columns for debit, credit, and balance amounts in an account. 20) Trial Balance: A list of accounts and their balances at a given time....
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- Fall '08
- Financial Accounting