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8 Cards in this Set
- Front
- Back
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Common stock |
Issued in exchange for the owners' investment paid in to corporation |
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Compound entry |
A journal entry that involves three or more accounts |
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Ledger |
The entire group of accounts maintained by a company |
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Normal balance |
An account on the side where an increase in the account is recorded |
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Posting |
Transferring journal entries to ledger accounts |
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Retained earnings |
Net income that is kept (retained) in the business |
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Simple entry |
A journal entry that involves only two accounts |
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Trial balance |
A list of accounts and their balances at a given time |
