1. Posting a. A detailed record of all increases and decreases that have occurred in a particular asset, liability, or equity during a period 2. Account 3. Debit b. The record holding all the accounts of a business, the changes in those accounts, and their balances 4. Journal 5. Chart of accounts c. A journal entry that is characterized by having multiple debits and/or multiple credits 6. Trial balance 7. Normal balance d. A record of transactions in date order 8. Ledger e. Left side of a T-account 9. Credit 10. Compound journal entry f. Side of an account where increases are recorded g. Transferring amounts from the journal to the ledger h. Right side of a T-account i. A list of all accounts with their balances at a point in time j. A list of all accounts with their account numbers

1. Posting a. A detailed record of all increases and decreases that have occurred in a particular asset, liability, or equity during a period 2. Account 3. Debit b. The record holding all the accounts of a business, the changes in those accounts, and their balances 4. Journal 5. Chart of accounts c. A journal entry that is characterized by having multiple debits and/or multiple credits 6. Trial balance 7. Normal balance d. A record of transactions in date order 8. Ledger e. Left side of a T-account 9. Credit 10. Compound journal entry f. Side of an account where increases are recorded g. Transferring amounts from the journal to the ledger h. Right side of a T-account i. A list of all accounts with their balances at a point in time j. A list of all accounts with their account numbers

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter4: Adjusting Entries And The Work Sheet

Section: Chapter Questions

Problem 2E: Classify each of the accounts listed below as assets (A), liabilities (L), owners equity (OE),...

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FINANCIAL STATEMENT ACCOUNTS Label each of the following accounts as an asset (A), liability (L), owners equity (OE), revenue (R), or expense (E). Indicate the financial statement on which the account belongsincome statement (IS), statement of owners equity (SOE), or balance sheet (BS)in a format similar to the following.
FINANCIAL STATEMENT ACCOUNTS Label each of the following accounts as an asset (A), liability (L), owners equity (OE), revenue (R), or expense (E). Indicate the financial statement on which the account belongsincome statement (IS), statement of owners equity (SOE), or balance sheet (BS)in a format similar to the following.
The T-account is used to summarize which of thefollowing?a. Increases and decreases to a single account in theaccounting system.b. Debits and credits to a single account in the accountingsystem.c. Changes in specific account balances over a timeperiod.d. All of the above describe how T-accounts are used byaccountants.
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