Examlex
What is an adjusted trial balance? Why is it prepared?
Beginning Balance
The amount of money in an account at the start of a new accounting period.
Credit Side
The section of an account where increases in liabilities, income, and equity are recorded, as opposed to the debit side, which records increases in assets and expenses.
Normal Credit Balance
The usual balance side of an account that increases its value, typically used for liabilities, revenues, and equity accounts.
Withdrawals
Money taken out from a business by its owner(s) for personal use, reducing the owner's equity in the business.
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