Examlex
A $75 payment for rent expense was posted as a debit to salary expense and a credit to cash. This error will cause:
Posting
The process of transferring journal entry amounts to respective accounts in the ledger.
Equality
A principle ensuring that individuals are treated similarly, without any discrimination based on race, gender, ethnicity, religion, or social status.
Debits and Credits
The two sides of every financial transaction in accounting. Debits increase assets or expenses and decrease liabilities or equity, whereas credits do the opposite.
Account Titles
Names given to various accounts used in accounting to classify and organize financial transactions.
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