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Unformatted text preview: Cost of goods sold = merchandising expense If the temporary account need to close at a credit balance you need to debit it to that particular account Whatever is the balance of that in the cr End in debit credit it If end in debit credit it Only in business accounting 4 steps If the Temporary account is credit the closing entry will take a debit account Vise versa****** Balance sheet Current Assets Long-term assets Closing entries When have credit debit only use the words credit and debit when internal accounts Need to know charts of accounts And the order of how they would go into the form...
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This document was uploaded on 11/04/2011 for the course SPEA-V 246 at Indiana.
- Fall '09