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Driving down the street you stupidly run a red light and hit a car legally going through a green light. You knock that car into a parked car, which knocks a loaded gun out of the parked car that falls on the street and fires a bullet that hits a person walking on the sidewalk. That person sues you in tort for damages. They will probably:
Ending Balance
The final amount in an account at the end of a reporting period, after all additions and subtractions have been accounted for.
Revenue Account
An account that records the income earned by a company from its business activities.
Debit
A bookkeeping record that raises the value of an asset or expense, or reduces the value of a liability or equity.
Expense Account
An account used to record expenditures incurred by a company, relating to its operational activities.
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