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
