The term RED INK ITEMS refers to items that are recorded in a financial statement as LOSSES or debts. Debts, which is a 5 letter word, is an amount of money owed by one party to another. LOSSES, which is a 6 letter word, is the amount of money lost due to a decrease in value or an expense incurred. Red ink items are typically recorded in red ink on financial statements to indicate that they are negative values.