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Worksheet
- 1. Week 5
- 4. Total debits must equal total credits before proceeding to adjustments.
- 6. Need to update ledger accounts at end of fiscal period. Adjustments are performed. Need to match expenses in same period they helped generate revenue.
- 10. The total amount of revenue (credit column) is more than total amount of expenses (debit column) therefore the business had net income (made money).