Instructions: Please Define the Following Key Terms

question 29

Essay

Instructions: Please define the following key terms. Show Who? What? Where? When? Why Important?
Isaiah

---

Definitions:

Normal Balances

The typical sides (debit or credit) where increases to accounts are recorded in double-entry bookkeeping.

Debit Balance

A debit balance is the remaining amount in a financial account that occurs when total debits exceed total credits.

Credit Balance

The amount of money that a company or individual has available in their account, indicating a situation where the total credits exceed the total debits.

Accounts

Financial records of an organization that represent transactions and their effects on its assets, liabilities, and equity.