Match the following terms with the appropriate definition.
A) A list of all accounts used by a company and the identification number assigned to each
account.
B) The most flexible type of journal, it can be used to record any kind of transaction.
C) Liabilities created when customers pay in advance for products or services; satisfied by
delivering the products or services in the future.
D) A journal entry that affects at least three accounts.
E) The process of transferring journal entry information to the ledger.
F) A record of the increases and decreases in a specific asset, liability, equity, revenue, or
expense item.
G) A column in journals where individual account numbers are entered when entries are posted
to ledger accounts.
H) A simple form used as a helpful tool in understanding the effect of transactions and events on
specific accounts.
I) A list of accounts and their balances at a point in time; the total debit balances should equal the
total credit balances.
J) A written promise from a customer to pay a definite sum of money on a specified future date.
1. General journal
2. Chart of accounts
3. Note receivable
4. T-account
5. Unearned revenues
6. Compound journal entry
7. Posting reference column
8. Posting
9. Account
10. Trial Balance
1. B) The most flexible type of journal, it can be used to record any kind of transaction.
2. A) A list of all accounts used by a company and the identification number assigned to each
account.
3. J) A written promise from a customer to pay a definite sum of money on a specified future date.
4. H) A simple form used as a helpful tool in understanding the effect of transactions and events on
specific accounts.
5. C) Liabilities created when customers pay in advance for products or services; satisfied by
delivering the products or services in the future.
6. D) A journal entry that affects at least three accounts.
7. G) A column in journals where individual account numbers are entered when entries are posted
to ledger accounts.
8. E) The process of transferring journal entry information to the ledger.
9. F) A record of the increases and decreases in a specific asset, liability, equity, revenue, or
expense item.
10. I) A list of accounts and their balances at a point in time; the total debit balances should equal the
total credit balances.
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