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    Fokasha's Avatar
    Fokasha Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Aug 25, 2009, 12:00 PM
    Liquidation Journal entries
    What are the necessary journal entres that should be processed to record:

    Inventory
    Prepayments
    Fixed Assets

    Regards,:)
    ROLCAM's Avatar
    ROLCAM Posts: 1,420, Reputation: 23
    Ultra Member
    		  
    #2

    Aug 25, 2009, 07:25 PM

    They are all assets.
    By definition they are all DEBITS.

    So you must CREDIT these things and Debit
    the value to the account they are going to.
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