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Mastering the Fundamentals of Business Taxes

Business· Taxes

Part I: Debits and Credits Let’s start with the basics: debits and credits. Debits and credits have the following effects on the five major account types: Account Type Debit Credit Asset Increase Decrease Liability Decrease Increase Equity Decrease Increase Income Decrease Increase Expense Increase Decrease When a debit or credit increases the balance of an account, it is known as…
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