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"Tuition at university this year is $8 000." Which function of money does this statement best illustrate?
Expense Accounts
Accounts used to record business expenses, which reduce net income in the profit and loss statement.
Income Summary
An account used in the closing process that summarizes revenues and expenses to determine the net income or loss for a period.
Debit
An accounting entry that increases an asset or expense account, or decreases a liability or equity account, recorded on the left-hand side.
Utilities Expense
Utilities Expense refers to the cost incurred from the consumption of utilities services like electricity, water, and gas in the course of business operations.
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