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Drawing Account
An account used to record withdrawals made by a business owner or partner from the company for personal use.
Balance Sheet Debit
An entry on the left side of a balance sheet, typically indicating an increase in assets or a decrease in liabilities or equity.
Net Income
Profits after subtracting all costs, including operating expenses, interest, and taxes, from total revenue, indicating the final earning outcome of a business.
Adjusted Trial Balance
A financial report that lists all the account titles and balances of a company after adjusting entries are made, used for the preparation of financial statements.
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