Chapter 2, Problem 5SE

Accounting terminology (Learning Objectives 2, 3, & 4) 5-10 min.

Demonstrate your knowledge of accounting terminology by filling in the blanks to review some key definitions.

Dillon Baker is describing the accounting process for a friend who is a psychology major. Dillon states, “The basic summary device in accounting is the _______. The left side of an account is called the _______ side, and the right side is called the _______ side.

We record transactions first in a _______. Then we post, or copy, the data to the _______. It is helpful to list all the accounts with their balances on a _______ _______.”