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MA
Recording Business Transactions
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account:a detailed record of the changes in a particular asset, liability or owners' equity
ledger:a book containing details of all accounts
journal:chronological record of the transactions of the business
trial balance:list of all accounts with their balances from the ledger
posting:process of moving the transactions from the journal to the ledger
debit:normal balance of an asset
credit:normal balance of a liability
explanation:a short description of a transaction that is given on the last line of a journal entry
Recording Business Transactions
| 1. | account | A. | normal balance of an asset |
| 2. | credit | B. | chronological record of the transactions of the business |
| 3. | debit | C. | a detailed record of the changes in a particular asset, liability or owners' equity |
| 4. | explanation | D. | list of all accounts with their balances from the ledger |
| 5. | journal | E. | a short description of a transaction that is given on the last line of a journal entry |
| 6. | ledger | F. | normal balance of a liability |
| 7. | posting | G. | a book containing details of all accounts |
| 8. | trial balance | H. | process of moving the transactions from the journal to the ledger |
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Recording Business Transactions
| 1. | account → C |
| 2. | credit → F |
| 3. | debit → A |
| 4. | explanation → E |
| 5. | journal → B |
| 6. | ledger → G |
| 7. | posting → H |
| 8. | trial balance → D |
© 2013
PuzzleFast.com, Noncommercial Use Only
