Chapter 4- ACC 201 - debits and credits o Long-lived assets...

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Chapter 4 o The accounting cycle: is the process followed by entities to analyze and record transactions, adjust the records at the end of the period, prepare financial statements, and prepare the records for the next cycle. o Trail balance: is a list of all accounts with their balances to provide a check on the equality of the
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Unformatted text preview: debits and credits o Long-lived assets accounts increase when assets are purchased and decrease when assets are sold. o To reflect the used-up portion of the long-lived assest’s costs, a contra-account is created. o A contra-account is an account that is an offset to, or reduction of, the primary account....
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