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In order to cope with traumatic events, psychologists recommend that you do all of the following EXCEPT to
Accumulated Depreciation
The total depreciation for a fixed asset that has been charged to expense since the asset was acquired and available for use.
Adjusting Entry
A journal entry made at the end of an accounting period to update account balances to reflect accurate and fair financial statements.
Closing Entry
An accounting entry made at the end of an accounting period to transfer balances from temporary accounts to permanent accounts.
Income Summary
An account used in the closing process that summarizes revenues and expenses for a period, transferring the net income or loss to the owner's equity.
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