(L. OBJ. 1) Using accounting vocabulary [5 min]
Tighten your grip by filling in the blanks to review some key accounting definitions.
Rita Bowden is describing the accounting process for a friend who is a philosophy major. Rita states, “The basic summary device in accounting is the ______.The left side is called the ________ side, and the right side is called the ______ side. We record transactions first in a ________ Then we post (copy the data) to the _______. It is helpful to list all the accounts with their balances on a ______.“
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