CHAPTER 3 Flashcards
totals on the debit and credit side to determine the balance of an account are known as
footings
the normal balance of asset, expense,and drawing accounts
debit balance
A list of accounts, showing the title and balance of each account, used to prove that the debit balances equal the credit balances.
trial balance
The total dollar amounts on
the debit and credit sides of an account
footing
A system in which each
transaction has a dual effect on the accounting elements
double-entry accounting
to enter an amount of the left side of an account
debit
A list of all accounts showing the account title and the balance of each account is called a
trial balance
footings in T accounts
are used for accounts with more than one debit or credit.
An amount entered on the left side of an account is called a
debit
The difference between the total debits and credits to an account is called a
balance
to CREDIT
an account means to enter an amount on the right side of the account.
The fact that each transaction has a dual effect on the accounting elements provides the basis for what is called
double-entry accounting
The total dollar amounts on the debit and credit sides of a T account are known as
footings
