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T account

The simplest form of an account.


amounts entered on the left side of an account.


amounts entered on the right side of an account.

Balance of the account

The amount of the difference between the debits and the credits that have been entered into an account.


A group of accounts for a business.

Chart of accounts

A list of the accounts in the ledger.

Capital account

An account used for a proprietorship that represents the owner's equity.


The account used to record amounts withdrawn by an owner of a proprietorship.

Double-entry accounting system

A system of accounting for recording transactions, based on recording increases and decreases in accounts so that debits equal credits.

Rules of debit and credit

In the double-entry accounting system, specific rules for recording debits and credits based on the type of account.

Normal balance of an account

The normal balance of an account can be either a debit or a credit depending on whether increases in the account are recorded as debits or credits.


The initial record in which the effects of a transaction are recorded.


The process of recording a transaction in the journal.

Journal Entry

The form of recording a transaction in a journal.

Unearned revenue

The liability created by receiving revenue in advance.

Trial balance

A summary listing of the titles and balances of accounts in the ledger.

Unadjusted trial balance

A summary listing of the titles and balances of accounts in the ledger prior to the posting of adjusting entries.


An error in which the order of the digits is changed, such as writing $542 as $452 or $524.


An error in which the entire number is moved one or more spaces to the right or the left, such as writing $542.00 as $54.20 or $5,420.00.

Correcting journal entry

An entry that is prepared when an error has already been journalized and posted.

Horizontal analysis

Financial analysis that compares an item in a current statement with the same item in prior statements.


The process of transferring the debits and credits from the journal entries to the accounts.


An accounting form that is used to record the increases and decreases in each financial statement.

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