Accounting1 Chapter 4 (Ledger Accounts)
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8 Terms
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Ledger Accounts
A group or file of accounts
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Exceptional Account Balance
When an account that normally has a credit balance has a debit balance or vice versa
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Trial Balance
A list of all the account balances in the ledger
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Manual Accounting System
Taking off the trial balance is done weekly or monthly
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Computerized accounting System
Taking off the trial balance is done as often as needed
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Purchased on credit
Not paid for at the time of transaction
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Sold on Credit
Not paid for at the time it was sold
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Paid on Account
Decrease money owed to an account payable