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A sociologist studying freshmen carried out a survey, asking (among other questions) how often students went out per week, how many hours they studied per day, and how many hours they slept at night. The tables below provide the answers on the time slept and the time spent studying by whether or not students went out. For both groups of students, those who go out and those who stay in the dorm, students who study more:
Accounts
Financial records of transactions that track the income, expenses, assets, liabilities, and equity of an entity.
Double-Entry System
An accounting method that records each transaction in at least two accounts, ensuring the accounting equation (Assets = Liabilities + Equity) remains balanced.
Debit Accounts
Accounts that are increased by debits and decreased by credits, commonly including assets and expenses.
Credit Accounts
Financial accounts that track money owed to creditors; they increase with credit entries and decrease with debit entries, reflecting the entity's borrowing of funds.
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