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Unformatted text preview: Posting-process of transferring Follow these steps: 1. Determine what type of account is involved 2. Determine what items increase or decrease and how much 3. Translate the increase and decrease into debits and credits Trial balance-list of accounts and balances at a given time-purpose is to prove that debits=credits CLICKER: tiger company provide consulting services on account for a client 1. Debit accounts receivable and credit service revenue 2. Debit service revenue and credit accounts receivable 3. Debit cash and credit accounts receivable 4. Debit accounts payable and credit service revenue *LOOK AT THE SLIDES POSTED ON MOODLE...
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- Fall '08
- Accounting, Generally Accepted Accounting Principles, Double-entry bookkeeping system, credit Service Revenue, Debits increase assets