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Accounting system in which each transaction affects at least two accounts and has at least one debit and one credit. general journal An all-purpose journal for recording the debits and credits of transactions and events journal

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Accounting system in which each transaction affects at least two accounts and has at least one debit and one credit.

general journal

An all-purpose journal for recording the debits and credits of transactions and events

journal

Record in which transactions are entered before they are posted to ledger accounts; also called book of original entry.

Journalizing

the process of recording business transactions in a journal

ledger

Record containing all accounts (with amounts) for a business

posting

The process of transferring information from the journal to individual general ledger accounts.

Posting reference (PR) column

A column in journals in which individual ledger account numbers are entered when entries are posted to those ledger accounts.

source document

source of information for accounting entries that can be in either paper or electronic form, also called business papers

T account

Tool used to show the effects of transactions and events on individual accounts.

Trial Balance

a list of all ledger accounts with their balances 
(either debit or credit) at a point in time. total debit balances = total credits

unearned revenue

Liability created when customers pay in advance for products or services; earned when the products or services are later delivered.

Journal

A form for recording transactions in chronological order

journalizing

Recording transactions in a journal

entry

Information for each transaction recorded in a journal

double entry accounting

The recording of debit and credit parts of a transaction

source document

A business paper from which information is obtained for a journal entry

check

A business form ordering a bank to pay cash from a bank account

 
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