The detailed record of the changes in a particular asset, liability, or owner's equity during a period. The basic summary device of accounting.
A liability for which the business knows the amount owed but the bill has not been paid.
Compound journal entry
Same as a journal entry, except this entry is characterized by having multiple debits and/or multiple credits. The total debits still equal the total credits in the compound journal.
The balance that appears on the side of an account - debit or credit - where we record increases.
Represents debts the business owes because it signed promissory notes to borrow money to purchase something.
Summary device that is shaped like a capital "T" with debits posted on the left side of the vertical line and credits on the right side.