Chapter 3

refers to a series of sequential

steps or procedures performed to accomplish the

accounting process.

Listing of all ledger accounts, in order, with their respective debit and credit balances.

only two accounts are affected (one

account is debited and the other account credited)

Transferring the amounts from the general journal to appropriate accounts in the ledger.

- A grouping of accounts. Used to classify and summarize transactions and to prepare data for

basic financial statements.

- Shows all the effects of a transaction in terms of debit and credits.

- Identify and describe transactions and events entering the accounting process. These original

written evidence contain information about the nature and the amounts of the transactions. Common

source documents include sales invoices, cash register tapes, official receipts, bank deposits slips, bank

statements, checks, purchase orders, time cards and statement of account.

when three or more accounts are

required in a journal entry.

The amount for each account is entered in this column.

The amount for each account is entered in this column.