These accounts are closed directly to retained earnings by recording

It’s designed for accounting firms and businesses that want to

If you want to remove a transaction, it’s usually better

For instance, "Sales Returns and Allowances" is a contra account

These might be necessary when an employee is terminated or

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Cash accounting records revenues and expenses when they are actually

In some cases, companies will choose to report both gross

Having a quarterly reason to study your income and expenses

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