| A | B |
|---|
| T account | an accounting device used to analyze transactions |
| debit | an amount recorded on the left side of an account |
| credit | an amount recorded on the right side of an account |
| chart of accounts | a list of accounts used by a business |
| accounts payable | amounts to be paid in the future for goods or services already acquired |
| accounts receivable | amounts to be recorded in the future due to the sale of goods or services |
| normal balance | the side of the account that is increased |
