Examlex
Points paid in connection with the purchase of a principal residence may be deducted in the year paid.
Accounts Payable
Liability accounts on a company's balance sheet representing amounts owed to creditors for goods and services received but not yet paid for.
Prepaid Insurance
Payments made for insurance coverage before the coverage period begins, recorded as an asset on the balance sheet.
Corrected Trial Balance
A list of all the account titles and balances of a company after adjustments and corrections have been made.
Normal Balance
The side (debit or credit) of an account that is typically increased, indicating its usual positive balance in accounting.
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