Accounting 1: Chapter 2

a record of increases and decreases in specific asset, liability, or owner's equity items

a list of accounts and the account numbers that identify their location in the ledger

a journal entry that involves three or more accounts

the right side of an account

the left side of an account

a system that records in appropriate accounts the dual effect of each transaction

the most basic form of journal

a ledger that contains all asset, liability, and owner's equity accounts

an accounting record in which transactions are initially recorded in chronological order

the entering of transaction data in the journal

the entire group of accounts maintained by a company

an account balance on the side where an increase in the account is recorded

the procedure of transferring journal entries to the ledger accounts

a journal entry that involves only two accounts

the basic form of an account

a form with columns for debit, credit, and balance amounts in an account

a list of accounts and their balances at a given time