Our accounting firm has recently received a new client, and he has provided his financial...
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Accounting
Our accounting firm has recently received a new client, and he has provided his financial statements from the previous accountant. My task is to transfer the information from the balance sheet and profit & loss statement over to our QuickBooks system. My manager has stated I must create journal entries; however, I am confused on the journal entry that is needed to replicate the P & L. I am aware that the expenses are debits, but what would you credit in order to balance the entry. I hope I have explained myself well.
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