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In perpetual inventory system with process costing,the cost of units sold is recorded by debiting Cost of Goods Sold and crediting ________.
Loan
A sum of money that is borrowed, which must be paid back with interest, typically used for significant purchases, investing, or to cover cash flow shortfalls.
Balloon Loan
A type of loan that has low, fixed monthly payments for a period of time, followed by a large payment for the remaining amount due at the end of the term.
Amortized
Refers to the process of paying off debt over time in regular installments of interest and principal sufficient to repay the loan in full by its maturity date.
Principal
The original amount of money loaned or invested, separate from the interest or earnings it accrues over time.
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