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The balance of Morgan,Capital at the beginning of the year and the end of the year was $50,000 and $63,000,respectively.There were no new capital contributions during the year.Owner withdrawals were $25,000.What was the net income or loss for the year?
Debit Side
The left side of an accounting ledger where debits are recorded, typically indicating increases in assets or expenses and decreases in liabilities or equity.
Left Side
In accounting, this refers to the debit side of a double-entry bookkeeping system, indicating increases in assets or expenses and decreases in liabilities or equity.
Debit Side
The left side of an accounting ledger where increases in assets and expenses or decreases in liabilities and equity are recorded.
Normal Balance
The side of an account (debit or credit) where increases in the account are recorded, reflecting the account's usual positive balance.
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