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When the AP department receives the invoice, it records a $500 credit in accounts payable and a $500 debit to office supply expense. Management can use AP to manipulate the company’s cash flow to a certain extent. For example, if
Read MorePermanent accounts are accounts that show the long-standing financial position of a company. These accounts carry forward their balances throughout multiple accounting periods. The net income (NI) is moved into retained earnings on the balance sheet as part of
Read MoreNow, if you’re new to accounting, you probably have a ton of questions. Closing all temporary accounts to the income summary account leaves an audit trail for accountants to follow. The understanding online payroll total of the income summary
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