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Recording business transactions.


The detailed record of the changes in a particular asset, liability, or owner's equity during a period. The basic summary device of accounting.

Accrued Liability

A liability for which the business knows the amount owed but the bill has not been paid.

Chart of Accounts

A list of all the accounts with their account numbers.

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 right side of an account.


The left side of an account.


The chronological accounting record of an entity's transactions.


The record holding all the accounts.

Normal Balance

The balance that appears on the side of an account - debit or credit - where we record increases.

Notes Payable

Represents debts the business owes because it signed promissory notes to borrow money to purchase something.

Note Receivable

A written promise for future collection of cash.


Copying amounts from the journal to the ledger.

Prepaid expenses

Expenses paid in advance for their use.


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.

Trial Balance

A list of all the accounts with their balances.

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