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One common mistake is transposing numbers, which can easily happen if you\u2019re rushing or not double-checking your work. To avoid this, make sure to go over each entry carefully before finalizing it. Once identified, correct the error by making adjusting entries or correcting entries as necessary. Finally, update your trial balance to reflect these corrections and ensure everything is balanced once again. Start by reviewing the original source documents to confirm their accuracy. Then, retrace your steps through the journal entries to pinpoint where the error may have occurred.<\/p>\n<\/p>\n
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Accumulated Depreciation is a contra asset and is credit\u2011normal. A credit increases it, which reduces the book value of the asset. Add a memo with the period and a link to your close checklist. For audit readiness, keep a copy of the final trial balance and financial statements after closing.<\/p>\n<\/p>\n