HIGH CREDIT Definition

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HIGH CREDIT is the most a debtor has ever charged with any one creditor.

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GROSS RECEIPTS is the total amount received prior to the deduction of any allowances, discounts, credits, etc.

BASIC TENETS OF ACCOUNTING is four in number: 1. Assets = Liabilities + Owners Equity, 2. Debits = Credits, 3. Assets are on the left (debit side), and, 4. Liabilities and Equity are on the right (credit side).

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