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Accounting

Basic Accounting Terms

QuestionAnswer
The right side of a T-account Credit
The left side of a T-account Debit
Anything of value that is owned Asset
The account used to summarize the owner's equity Capital
An amount owed Liability
The account used to keep track of merchandise purchased Purchases
The account used to track customer returns Sales Returns and Allowances
Created by: bizteacherjames
Popular Accounting sets

 

 



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