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Debit
An entry on the left side of an account, indicating an increase in assets or expenses or a decrease in liabilities, equity, or revenue.
Credit
The ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future.
Supplies Account
An account used in accounting to keep track of the amount spent on supplies not yet used or consumed by the business.
Supplies Expense
The cost incurred from the consumption of supplies that are used in the operations of a business.
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