Instructions: Identify the Following Terms

question 121

Short Answer

Instructions: Identify the following terms.
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Definitions:

Both Debit And Credit Entries

Accounting entries involve both debit and credit transactions to maintain the balance in accounts, reflecting increases or decreases in assets, liabilities, and equity.

Notes Payable

A liability representing a loan or promissory note that a company must repay to the lender at a future date.

Prepaid Insurance

An asset account representing insurance payments made in advance of the period covered by the payment, to be allocated as an expense over time.

Salaries Expense

The total amount paid to employees for services rendered during a specific period, reported on the income statement.