Final answer:
Dollar entries on the left side of the ledger are called debits. They represent the increase of assets or expenses or the decrease of liabilities, revenues, or equity. In international trade, debits record economic outflows such as unilateral transfers.
Step-by-step explanation:
Dollar entries made on the left side of the ledger are referred to as debits. These entries are the opposite of credits, which are entered on the right side of the ledger. In the context of international transactions, as related to unilateral transfers, these debits are equivalent to financial outflows such as foreign aid or military aid, which are recorded under Imports and indicated as a negative number in the final column, reflecting that the money is leaving the country.
In a broader accounting context, debits can increase asset or expense accounts and decrease liability, revenue, or equity accounts. It's essential to understand that debits and credits are the fundamental building blocks of the double-entry accounting system, where each financial transaction is recorded in at least two different ledger accounts, with total debits equaling total credits.