2-1 Terms Review

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credit

an amount recorded on the right side of the account

accounts payable

Amounts to be paid in the future for goods or services already acquired

accounts recievable

Amounts to be received in the future due to the sale of goods or services

T Account

An accounting device used to analyze transactions

debit

An amount recorded on the left side of an account

chart of accounts

a list of accounts used by a business

normal balance

the side of the account that is increased


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