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An account is a record of the increases and decreases of each separate asset, liability, and element of stockholders’ equity used by the company.

For example, if you started with $4000 in your bank account, then collected $6000 as a fee and paid $3000 in wages, the cash account would show +4000 +6000-3000 for a balance of $7000 in your cash account. These accounts were traditional maintained in the shape of a T, so they are called T accounts. Today they are usually maintained on a computer.

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