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Debit
Left side
- + assets, expenses, & losses
- decrease liabilities, equity, & revenues
Credit
Right side
- + Liabilities, equity, revenues, & gains
- Decrease assets and expenses
T-Account
Lists all of the transactions that affect a particular account and it provides a quick way to see changes made to an account over time.
Shows beginning and ending balances (debits and credits made to the account).
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