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Unformatted text preview: (or just internal transactions ) ocurr as a result of transactions within the business three types of internal transactions: Correcting Entries recorded to fix incorrect entries Adjustments recorded at the end of an accounting period to match revenues and expenses to the proper period Closing Entries recorded to transfer temporary account balances to the owner s capital account at the end of the period...
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This note was uploaded on 08/22/2009 for the course ACCT 1101 taught by Professor Davescott during the Fall '05 term at Niagara College.
- Fall '05
- Financial Accounting