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Transaction Errors
Mistakes or inaccuracies occurring in the recording, processing, or reporting of financial transactions.
Debit
Amount entered on the left side of an account.
Credit
In financial terms, credit is the ability to borrow money or access goods or services with the understanding that payment will be made in the future.
Adjusting Journal Entry
A record created at the conclusion of a financial period to distribute revenues and expenses to their relevant period.
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