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Instructions: Identify the Terms and Briefly State Their Historical Significance

question 37

Essay

Instructions: Identify the terms and briefly state their historical significance.
Pachakuti/Pachacutec


Definitions:

Credit Balance

The amount that a company or individual owes to creditors; in accounting, it indicates a balance on the right side of a ledger for liability, revenue, or equity accounts.

Closing Entries

Journal entries made at the end of an accounting period to transfer balances from temporary to permanent accounts.

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