Chapter 13
Terms
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- Post
- To transfer data from one record to another.
- Transposition
- A reversal of digits in a number, such as 45 for 54.
- Accounts Payable Ledger
- A group of creditor accounts.
- Journalize
- To record transactions in a journal.
- Drawing
- Money taken out of the business by the owner.
- Normal Balance
- The side of an account where the balance is usually found.
- Cash Payments Journal
- A record of expenses paid.
- Trial Balance
- A form used to prove that debits equal credits in the ledger.
- Slide
- Entering an amount a column or more off, such as 50 for 5000.
- Service Business
- A business in which a service for customers is performed.
- Debit
- The side of an account on which expenses are always recorded (left).
- Extended
- Entered again in a second column.
- Four-column Ledger Account
- A general ledger account with two balance columns.
- General Ledger
- A group of accounts other than customer or creditor accounts.
- General Columns
- Columns in a journal used for many items.
- Credit
- The side of an account on which income is always recorded (right).
- Memorandum Column
- A type of column used to remember information.
- Accounts Receivable Journal
- A group of customer accounts.
- Merchandising Business
- A business that sells a product.
- Special Column
- A column in a journal used for only one type of item.
- Cash Receipts Journal
- A record of income received.
- Expenses
- Costs of operating a business.