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Unformatted text preview: Credit is where there isn’t a certain amount and has interest where debit does not. Credit can be over drawn whereas debit is exact. Account Balance- This is a balance that your personal accounts holds. Transactions and other withdrawals and what has been spent from day to day and month to month. Trail Balance- A list of of all normal ledger accounts of a business. Journal- A record of everything held by the general ledger. Assets- Assets is something that is a useful or a valuable thing. Liabilities- Liabilities is a useful or valuable thing that can get you in trouble or debt. Net Assets- Total assets minus total liabilities from a business or personal records. Accounts Receivable- This is usually money that is owed to a business of a client. Accounts Payable- This is usually when a file or account sub ledger that a company that owes to suppliers that has not paid yet. Revenues- Revenue is income that a company receives from normal company activities....
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- Spring '11
- Generally Accepted Accounting Principles, bank account, basic accounting formula, Assets- Total assets