| A | B |
|---|
| revenue | an increase in owner's equity resulting from the operation of a business. |
| sale on account | a sale for which cash will be received at a later date. |
| expense | a decrease in owner's equity resulting from the operation of a business. |
| withdrawals | assets taken out of a business for the owner's personal use. |
| T account | an accounting device used to analyze transactions. |
| debit | an amount recorded on the left side of a T account. |
| credit | an amount recorded on the right side of a T account |
| normal balance | the side of the account that is increased/ |
| chart of accounts | a list of accounts used by a business. |
