Chapter 2 vocab Flashcards
(7 cards)
1
Q
T account
A
Accounting device used to analyze transactions.
2
Q
Debit
A
Amount recorded on the left side of an account.
3
Q
Credit
A
Amount recorded on the right side of an account.
4
Q
Normal balance
A
Side of an account that is increased.
5
Q
Chart of accounts
A
List of accounts used by a business.
6
Q
Accounts payable
A
Amounts to be paid in the future for goods or services already acquired.
7
Q
Accounts Receivable
A
Amount to be received in the future due to sales of goods or services.
