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Debit Side
The left side of a T-account, used for recording increases in assets and expenses or decreases in liabilities, equity, and income.
Credit Side
The right side of an accounting ledger where increases in liabilities, equity, and revenues or decreases in assets and expenses are recorded.
T Account
A graphical representation used in accounting to show the effect of transactions on individual accounts, displaying debits on the left and credits on the right.
Debts
Money owed by an entity to another party, required to be paid back, typically with interest.
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