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the cash book

QuestionAnswer
What is an account An account keeps records of the transactions made
What are the 2 sides of a cashbook Debit & Credit
What is the cashbook used to record The money that is brought in and the money that is spent
What is an asset Something that you own
What is a liability Any debt owed by you
Why is opening cash an asset Because it is money you own
Why is credit opening cash a liability It is money that you owe
What is a contra entry A transaction that requires both a debit and credit entry
Created by: mcraig2020
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