Demonstrate your knowledge of accounting terminology by filling in the blanks to review some key definitions.
Dillon Baker is describing the accounting process for a friend who is a psychology major. Dillon states, “The basic summary device in accounting is the ______. The left side of an account is called the ________ side, and the right side is called the ______side. We record transactions first in a ______. Then we post, or copy, the data to the _______. It is helpful to list all the accounts with their balances on a ________________________.”