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Provided Below Is a List of Definitions and Terms

Question 85

Matching

Provided below is a list of definitions and terms.Match them by placing the letter that identifies the best definition in the blank space next to each term.

Premises:

Responses:

T-account

Represents a ledger account and is used to show the effects of transactions.

General journal

A journal entry that affects at least three accounts.

Account

A list of accounts and their balances; the total debit balances should equal the total credit balances.

Note receivable

Liabilities created when customers pay in advance for services not yet performed.

Unearned revenues

A written promise from a customer to pay a definite sum of money on a specified future date.

Trial Balance

The most flexible type of journal,it can be used to record any kind of transaction.

Posting reference column

A column in journals where individual account numbers are entered when entries are posted to ledger accounts.

Posting

The process of transferring journal entry information to the ledger.

Chart of accounts

A list of all accounts used by a company and the identification number assigned to each account.

Compound journal entry

A record of the increases and decreases in a specific asset,liability,equity,revenue,or expense item.