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Accounting Chapter 2
Chapter 2 Vocabulary
Term | Definition |
---|---|
Chart of Accounts | a list of accounts used by a business |
Credit | an amount recorded on the right side of a T account |
Debit | an amount recorded on the left side of a T account |
Normal Balance | the side of the account that is increased |
T Account | an accounting device used to analyze transactions |
Normal Balance for Assets | Debit Side |
Normal Balance for Liabilities | Credit Side |
Normal Balance for Owner’s Equity | Credit Side |