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Accounting Basics : Adjustment Entries

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First we need to know few important terms Adjustments are transactions relating to business which have not yet beenĀ journalized. Therefore, to make the adjustments one should have an idea of the journal entry related to the transaction indicated by the Read more ›

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Accounting Basics : Debit and Credit

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Debits (abbreviated “dr”) and credits (abbreviated “cr”) are unique accounting tools to describe the change in a particular account that is necessitated by a transaction. In other words, instead of saying that cash is “increased” or “decreased,” we say that Read more ›

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