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What financial statement uses net income (or net loss) taken directly from the income statement?
What financial statement shows total assets equals total liabilities plus total owner’s equity?
What financial statement takes total revenue minus total expenses?
What order to do you do the financial statements?
Examples of Asset
Examples of Liabilities
Examples of Owner’s Equity accounts
Normal Debit Balances
Normal Credit Balances
THE WORKSHEET AND THE FINANCIAL STATEMENTS
Recording Adjusting and Closing Entries for a Service Business
ACCT 2110 GENERAL LEDGER. ACCOUNTING EQUATION n Assets = Equities n Assets = Liabilities + Owner’s equity.
CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 8-2 Recording Closing Entries.
Introduction to Accounting Name:. The Basic Accounting Equation Write the equation here. Use Video 1.
Finishing a Worksheet Chapter 6, Section 3. Review What is a worksheet? What are the 4 reasons for using a worksheet? What is the first step in.
A balance sheet has 4 sections. They are:
© 2014 Cengage Learning. All Rights Reserved. Learning Objectives © 2014 Cengage Learning. All Rights Reserved. LO5 Prepare the Balance Sheet and Income.
Managing Business Finance
Accounting Unit. MSBCS-BCSIII-5: The students will examine basics of accounting. a) Define credits and debits. b) Identify account types (assets, liabilities,
Complete the Accounting Cycle. Revenue, Expenses, Withdrawals Temporary accounts are closed out (to the capital account) at the end of every cycle.
For Every Debit There Is A Credit OR Debits = Credits.
Accounting: Financial Statements!! BBI 2O1. The Balance Sheet Shows a business’s financial position on a particular date The Balance Sheet Equation –
Chart of Accounts.
CHAPTER 8 Recording Adjusting Entries and Closing Entries for a Service Business.
Week 5. Also known as an accounting period. It’s the period of time that business reports financial information. Business determines the length.
Chapter 4 The Accounting Cycle
CHAPTER 16 Worksheet for a Merchandising Business.
CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 8-2 Recording Closing Entries Original created by M.C. McLaughlin, Thomson/South-Western Modified.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 8 Recording Adjusting and Closing Entries for a Service Business.
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