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chapter 4

TermDefinition
chart of accounts a list of all accounts used by a business
credit an agreement to pay for a purchase at a later time
debit an entry on the left side of an account
double entry accounting a system that recognizes the different sides of business transactions as debits and credits
ledger a group of accounts
normal balance the increase side of an account the word normal means usual
T account a visual representation of a ledger account
Created by: jcoghlan19
Popular Accounting sets

 

 



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