Chapter 4 (The Simple Ledger)

The right side of an account is debit.

In the trial balance, debit and credit must be equal.

Pin totals are the same thing as pencil footings.

Define Ledger.

When an item is sold on credit, cash is not recieved at the time it is sold. This means

The changes in the accounts caused by a business transactions in terms of credit and debit is?

A record that documents each change to items in the accounting equation is?

An increase in assets is a increase in...?

On Account is used in 4 ways: Purchase on account, Sale on account, Payment on account and ...?

The right side of an account is credit.