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General ledger: The record of all financial transactions taking place within a business during a particular accounting cycle, ordered by chart of account number. Depreciation: The method used to systematically move the cost of an asset from the balance sheet to the income statement over the course...
For easy access, we’ve made a cheat sheet with all of the corresponding debit and credit entries for these 5 main accounts: After assessing what debit and credit entry applies to each specific account, T accounts can be created. And again as previously mentioned, a T account always needs ...
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Still a bit unclear? Don’t worry, we’ve made a cheat sheet to ease the process. In the table below you’ll see all the types of accounts, along with the corresponding changes for debit and credit. Let’s see how the transaction from the example above would look like as a journal ...