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Erikson's last stage of development is characterized by:
Contra Asset Account
An account that is used to reduce the balance of a related asset account to reflect its adjusted carrying value.
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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