Examlex
Do economic models lead directly to theorems or to precepts? Why or why not?
Normal Balance
The side of an account where increases are recorded, which is the debit side for assets and expenses, and the credit side for liabilities, equity, and revenue.
Rent Expense
An expense account that records the cost incurred by a business to utilize property or equipment for operations.
Debit
An accounting entry that increases an asset or expense account, or decreases a liability or equity account, reflected on the left side of an account.
Credit
An accounting entry that either increases a liability or equity account, or decreases an asset or expense account. It is also used to refer to the provision of resources by a credit provider to a borrower.
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