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Debit
An entry recorded on the left side of a double-entry accounting system that increases assets or expenses and decreases liabilities, equity, and revenue.
Inventory Purchases
This term refers to the buying of goods and materials that a business intends to sell in the future as part of its operations.
Accounts Payable Aging Report
A financial report that categorizes a company's accounts payable according to the duration that an invoice has been outstanding, helping businesses manage their debts effectively.
Accounts Receivable Aging Report
A detailed document that shows the unpaid invoice balances along with the duration for which they've been outstanding.
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