Chapter 2

2. A column that is a journal in which the individual ledger account numbers are entered when the entries are then posted to the ledger account
4. Left side, the entry that shows the increases asset and shows the expense accounts, also decreases liabilities, revenue, also most of the equity accounts
8. A record that contains all accounts of a business, and also called a general ledger
9. This is recorded on the right side and is an entry that decreases assets and the expense accounts, and also increases liability, the revenue, and most of the equity accounts
12. A liability in which is created when a customer pay in advance for a product or a service, and is earned when it is later delivered
13. A process in which an accountant records transaction on a journal
14. A journal that is all-purpose that is used to record debits and credits of transactions and any events
17. Shows the difference between the total debits and credits
19. Shows a record of transactions that are entered before that they are posted on a ledger account, may also be called book of original entry
21. account that shows the owners claim on the company assets, which equals the owners investments plus the net income and minus owner withdrawals which is from the company’s inception, may also be referred to as equity

1. A journal that shows the affects for at least three accounts
3. source of information on accounting entries that will be in either paper or electronic form
5. account that has debit and credit columns for recording the entries, also has another column to show the account balance after every entry
6. A system used in accounting that shows when a transaction affects two accounts, also has at least one debit and one credit
7. A tool that is used to show the effects of a transaction and event on the individuals account
10. A ratio that shows the total of liabilities to total assets, also used to shows if the company is at risk of going into debt
11. A process in which you transfer a journal entry’s information to the ledger
15. A record that is in the accounting system that shows the increases and decreases that are stored on a specific asset, equity, revenue, expense, or liability
16. A list that shows the accounts used by the company in which includes the identification number on each account
18. An individual or organization that is entitled to receive payments
20. A list of accounts that is in balances at a point in time, is the total of debit balances that is equal to total credit balances