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1) Define debit and credit. How are assets, liabilities, and stockholders equity affected (increased or decreased) by debits and credits. Can be visual or typed
1) Define debit and credit. How are assets, liabilities, and stockholders equity affected (increased or decreased) by debits and credits. Can be visual or typed in bullet points.
2) What is the difference between the general journal and special journals?
3) Do all companies close their books on December 31st? why or why not?
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