Match the Terms with the Definitions

question 7

Multiple Choice

Match the terms with the definitions.
-​An entry to change an incorrect entry that has been journalized and posted to the wrong account.

• A)book of original entry
• B)chart of accounts
• C)compound entry
• D)correcting entry
• E)cross-reference
• F)four-column account
• G)general ledger
• H)journal
• I)journalizing
• J)posting
• K)ruling method
• L)slide error
• M)source document
• N)transposition error
• O)trial balance

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Definitions:

Interest Calculations

The process of determining the cost of borrowing money or the gain on saved or invested money over a period, typically expressed as a percentage of the principal.

Journalize

The process of recording transactions in a journal or diary in accounting, which includes the date, accounts affected, and amounts, followed by a brief description of the transaction.

Temporary Investments

Investments not intended to be held for a long term, such as stocks or bonds, purchased with the intention of selling in the near future.

Accounts Receivable

Money that is owed to a company by its customers for goods or services that have been delivered or used but not yet paid for.