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Balance
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Accounting 101 Ch 3

College Accounting Ch 3

QuestionAnswer
Balance The difference between the footings of an account.
Credit To enter an account on the right side of an account.
Credit Balance The normal balance of liability, owner's equity, and revenue accounts.
Debit To enter an account on the left side of an account.
Debit Balance The normal balance of asset, expenses, and drawing accounts.
Footings The total dollar amounts on the debit and credit sides of an account.
Normal Balance The side of an account that is increased.
Trial Balance A list of all accounts, showing the title and balance of each account, used to prove that the sum of the debits equal the sum of the credits.
Created by: dengler
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