Examlex
Which statement is TRUE?
Debit
An accounting entry that represents an increase in assets or expenses, or a decrease in liabilities or equity, recorded on the left side of the accounting ledger.
Credit
The provision of goods, services, or money with the expectation of future payment, or an entry in accounting that increases liabilities and decreases assets.
Transactions
Financial events that involve the transfer of value between two parties, recording in accounting records.
Source Document
An original record or document that contains the details of a business transaction, used as the basis for recording and validating financial data.
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