Accounting Chapter 2 Vocab

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T Account

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6 Terms

1

T Account

An accounting device used to analyze transactions

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2

Debit

An amount recorded on the left side

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3

Credit

An amount recorded on the right side

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4

Normal balance

The side of the account that is increased

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5

Chart of Accounts

A list of accounts used by a business

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6

Accounts Payable

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

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