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Debit Column
A column in accounting ledgers and financial statements used to record increases in asset or expense accounts, and decreases in liability, equity, or revenue accounts.
Credit Column
A column in accounting records or financial statements used to record amounts that reduce balances in asset or expense accounts, or increase balances in liability, equity, or revenue accounts.
Financial Statement
A written record that conveys the financial activities and conditions of a business or individual.
Normal Balance
The side (debit or credit) of an account that increases its value, reflecting the conventional balance based on accounting rules.
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