Chapter 18 Accounting

An amount that is added to or subtracted from an account balance to bring that balance up to date.

• Debit

• Credit

• Justification

• Adjustment

The merchandise the business has on hand at the beginning of the period

• beginning balance

• beginning merchandise

• beginning inventory

The merchandise a business has on hand at the end of a period

• ending balance

• ending merchandise

• ending inventory

An actual count of all merchandise on hand and available

• physical inventory

• wait-list inventory

An expense paid in advance

• Pre-paid expense

• Pre-paid insurance

• Premium