| Account balance | Difference between total debits and total credits (including the beginning balance for an account.
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| Contra account | An account linked with another account. Its normal balance is opposite that of the other account's balance.
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| Credit | Recorded on the right side; an entry that decreases asset and expense accounts, and increases liability, revenue and most equity accounts; abbreviated Cr.
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| Debit | Recorded on the left side; an entry that increases asset and expense accounts, and decreases liability, revenue, and most equity accounts; abbreviated Dr.
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| Double-entry accounting | Accounting system in which each transaction affects at least two accounts and has at least one debit and one credit.
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| Footing | The total of a column of numbers.
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| Normal balance | The side of a T-account on which increases are recorded. Asset accounts have normal debit balances. Liability and equity accounts have normal credit balances.
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| Post | Make an entry in an account.
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| Prepaid assets | Asset created when a company pays in advance for products or services to be received later. Also called prepaid expenses.
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| T-account | Tool used to show the effects of transactions and events on individual accounts.
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| Trial balance | List of accounts and their balances at a point in time; total debit balances equal total credit balances.
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| Unearned revenue | Liability created when customers pay in advance of products or services to be provided later; earned when the products or services are later delivered.
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