Examlex
The SIC codes:
Debit
An accounting entry that results in either an increase in assets or expenses or a decrease in liabilities, equity, or income.
Credit
The provision of resources (like money) by one party to another, where repayment is expected in the future, often with interest.
Journal Entries
Records of financial transactions in the double-entry bookkeeping system, noting debits and credits for each transaction.
Posting
The process of recording financial transactions in the ledger of an accounting system.
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