Match each term with its related definition by entering the appropriate letter in the space provided. There
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Term Definition . Journal entry 2, A = L + SE; Debits = Credits A. An exchange or event that has a direct and measurable financial effect. -3. Transaction 4. Liabilities 5. Assets B. Four periodic financial statements C. The two equalities in accounting that aid in providing accuracy The results of transaction analysis in debits equal-credits format. The account that is debited when money is borrowed from a bank. A resource owned by a business, with measurable value and expected future benefits Cumulative earnings of a company that are not distributed to the owners D. 6. Income statement, balance sheet, statement of retained earnings, and statement of cash flows E. F. G. H Every transaction has at least two effects L Amounts presently owed by a business. . Assigning dollar amounts to transactions em
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Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
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