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After befriending a drunken millionaire, Charlie Chaplin is surprised when the man doesn't recognize him the next day. In the evening, as the millionaire begins drinking again, Charlie is greeted as a pal. This episode from City Lights was used in the text to illustrate:
Revenue Account
An account that tracks the income earned by a company from its normal business operations, excluding expenses.
Debit
The left side of an account.
Credit
An accounting entry that increases a liability or equity account, or decreases an asset or expense account, represented on the right side of the ledger.
Closing Entry Process
The accounting procedure used at the end of an accounting period to transfer balances from temporary accounts to permanent accounts.
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