Accounting1 Chapter 4 (Ledger Accounts)

Ledger Accounts

A group or file of accounts

Exceptional Account Balance

When an account that normally has a credit balance has a debit balance or vice versa

Trial Balance

A list of all the account balances in the ledger

Manual Accounting System

Taking off the trial balance is done weekly or monthly

Computerized accounting System

Taking off the trial balance is done as often as needed

Purchased on credit

Not paid for at the time of transaction

Sold on Credit

Not paid for at the time it was sold

Paid on Account

Decrease money owed to an account payable