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13 Cards in this Set

  • Front
  • Back
ledger
group of accounts
chart of accounts
list of accounts in the ledger
liabilities
debts owed to creditors; identified by titles that include the word 'payable'

cash received before services are delivered creates a liability called unearned revenues
owner's equity
rights of owner to assets of the business. Represented by capital stock and retained earnings accounts
revenues
increases in owner's equity as a result of selling services or products to customers

fees earned, fares earned, commisions to revenue and rent revenue
expenses
using up or consuming services in the process of generating revenues

wages, rent, utilities, supplies, miscellaneous
3 parts of an account
in T shape with TITLE on top
left side is debit
right side is credit
debits
charged
journal
the initial recording of a transaction
double-entry accounting
making sure both debits/credit match
credits
amounts entered on the right side; crediting the account
how many accounts does each transaction affect:
at least 2
the sum of all debits must always equal the sum of what:
the credits