Examlex
The total points scored by a basketball team for each game during its last season have been summarized in the table below. Which statement following the table must be true?
Normal Balance
The side of an account (debit or credit) where increases in the account are recorded, reflecting the account's usual positive balance.
Expense
Outflows or other using up of assets or incurrences of liabilities during a period from delivering or producing goods, rendering services, or carrying out other activities that constitute the entity's ongoing major operations.
Credit
A bookkeeping entry that increases the value of liabilities or equity accounts, or decreases the value of an asset or expense account.
Journal
A detailed record where all financial transactions of a business are initially recorded.
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