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Job-order costing is used.What account is credited when direct labor costs are incurred?
Financial Statements
Documents that provide an overview of a company's financial condition in both short and long term, including the balance sheet, income statement, and cash flow statement.
Closing Entries
Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent ones, thereby preparing the accounts for the next period.
Depreciation Expense
is the charged amount for a particular period for the reduction in value of tangible assets due to usage and passage of time.
Accumulated Depreciation
The total amount of depreciation expense that has been recorded for an asset since it was put into use, representing the wear and tear on the asset over time.
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