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7 Cards in this Set
- Front
- Back
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asset accounts |
increases are recorded as debit entry while decreases are recorded as credit entry |
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liability accounts |
increases are recorded as credit entry while decreases are recorded as debit entry |
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owner’s equity accounts |
increases are recorded as credit entry and decreases are recorded as debit entry |
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journal |
all business transactions are first recorded in the journal |
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ledger |
a ledger account is a consolidationof all the transactions relating to a specific asset, liabilty, equity, income or expense item |
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trade discount |
trade discount is deduction off the list price of goods. it is given to encourage customers to buy in bulk. it is also used to encourage patronage and loyalty. |
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cash discount |
cash discount is a deduction off the invoiced amount. it is given to encourage credit customers to pay early. |
