Term
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Definition
| Left side of the T account |
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Term
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Definition
| The act of entering the amount of left side |
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Term
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Definition
| the act of entering an amount on the right side |
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Term
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Definition
| total of debit amount exceeds credits |
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Term
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Definition
| credit amount exceeds debits |
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Term
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Definition
| Debits must equal credits (double-entry system) |
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Term
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Definition
Increase assets
Decrease in liabilities |
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Term
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Definition
Decrease in assets
increase in liabilities |
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Term
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Definition
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Term
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Definition
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Term
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Definition
debit for increase (normal balance)
credit for decrease
Side note: normal balance means asset accounts normally show debit balances on the T chart |
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Term
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Definition
debit for decrease
credit for increase (normal balance)
side note: liability accounts normally show credit balances on T chart |
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Term
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Definition
debit for decrease
credit for increase (normal balance) |
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Term
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Definition
debit for decrease
credit for increase (normal balance)
Side note:
retained earnings is increased by credits, and decreased by debits |
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Term
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Definition
debit for increase
credit for decrease (normal balance) |
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Term
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Definition
debit for decrease
credit for increase (normal balance)
side note: revenue accounts are increased by credits and decreased by debits |
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Term
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Definition
debit for increase (normal balance)
credit for decrease
side note: expense accounts are increased by debits and decresed by credits |
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Term
| debits and credits for revenue and expenses |
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Definition
for debits: decrease revenue and increase expenses
for credits: increase revenue and decrease expenses |
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