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Unformatted text preview: #12 Cash Revenue Cash Sale *writing cash sale to describe debit/credit is optional and not necessary #15-if you have multiple debits or credits, you list all debits first, and then all credits!!!- debits and credits must always balance!!!! #18 Remember – cost of goods sold is an expense account! Note: remember: crediting inventory, means DECREASE #20 You paid for it already, but do not recognize the expense until you enjoy the benefit of what you paid for Note: prepaid expense (prepaid advertising) is an ASSET! #21 At the end of every month, make sure you close out all accounts…some transactions are hidden and can be more easily forgotten about!...
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This note was uploaded on 09/10/2008 for the course BUS 210 taught by Professor Sevier during the Spring '08 term at Emory.
- Spring '08