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Disbursement accounting refers to the systematic recording and reporting of all outgoing payments made by https://www.instagram.com/bookstime_inc an entity. It encompasses the entire cycle of disbursing funds, from the initiation of a payment request to the final settlement. The primary purpose of disbursement accounting is to maintain transparency, accountability, and control over an organization’s financial transactions.…

This means that entries recorded on the left side of the T-account will increase the asset balance and entries recorded on the right side will decrease it. Contra asset accounts have a balance that is opposite from the regular asset accounts. In other words, a contra asset account maintains a credit balance instead of a debit balance. What…