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Unformatted text preview: every transaction. When an account does not have a normal balance, brackets enclose the balance. Assets normally have debit balances, for example, so brackets enclose a checking account's balance only when the account is overdrawn. As the numbered arrows below indicate, you should post a transaction's first line item to the correct ledger account, completing each column and calculating the account's new balance. Then you should enter the account's reference number in the journal. Repeat this sequence of steps for every account listed in the journal entry....
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This note was uploaded on 11/16/2011 for the course ACCT 2310 taught by Professor Staff during the Spring '09 term at Texas State.
- Spring '09