Examlex
Phosphorus is one of the major elements needed in larger quantities by microorganisms.
Debits
Financial entries that represent an increase in assets or expenses or a decrease in liabilities, equity, or income on a company's balance sheet or income statement.
Credits
Entries in the accounting system that can decrease assets or increase liabilities and equity on a company’s balance sheet, reflecting the decrease in the company's resources or increase in claims against those resources.
Normal Balance
The side of an account where increases are recorded, which is the debit side for assets and expenses, and the credit side for liabilities, equity, and revenue.
Rent Expense
An expense account that records the cost incurred by a business to utilize property or equipment for operations.
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