This preview shows page 1. Sign up to view the full content.
Unformatted text preview: Debit – an entry on the left side of an account Credit – an entry on the right side of an account Double-entry system – a system of accounting in which every transaction is recorded with equal debits and credits and the accounting equation is kept in balance Journal – a chronological record of transactions Posting – the process of transferring amounts from a journal to the ledger accounts Journalizing – the act of recording journal entries General journal – the journal used in place of a specialized journal Trial balance – a list of each account and its balance; used to prove equality of debits and credits...
View Full Document
This note was uploaded on 04/09/2008 for the course ACC ? taught by Professor Tanzola during the Fall '08 term at Saint Joseph's University.
- Fall '08