Define the Following Terms

question 31

Short Answer

Define the following terms:
-special assessments

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Definitions:

Journal Entry

An accounting transaction recorded in a journal such that it includes the date, accounts affected, amounts, and description of the transaction.

Debit

An accounting entry that represents either an increase in assets or expenses or a decrease in liabilities, equity, or revenue.

Capital Balances

The amount of money that partners or owners have invested in the business.

Profits and Losses

Financial results of a company's operations, with profits indicating net income and losses indicating net expenses exceeding revenues.