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[solution] » Please see the graded project section of the PDF file, on Pg 27

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Please see the graded project section of the PDF file, on Pg 27
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Please see the graded project section of the PDF file, on Pg 27 of the actual pages in the study guide.  Then could you look over my actual work and see if I did my work correctly. I was getting stuck and wanted a second opinion before turning this project in. I really don't want to fail this course if I can just fix something before I turn it in. Thank you so much!!!!!!


Study Guide

 


 

Financial Accounting

 

by

 

Jim Burcicki

 


 

About the Author

 

Jim Burcicki holds a B.S. in Accounting from King?s College,

 


 

graduating magna cum laude as an adult learner. He began as

 


 

a bookkeeper for a hospitality group that included three 2,000-

 


 

person banquet facilities, a Best Western, and historical landmark

 

hotels. After obtaining his degree, Jim worked as an accounting

 

software consultant for a large, regional public accounting firm.

 


 

He installed customized accounting software in businesses with

 


 

revenues ranging from $5 million to $150 million. Jim currently

 


 

teaches business programs as a Senior Instructor at Penn Foster

 


 

College. Jim is a proud veteran of the United States Army, having

 

served from 1977 to 1981.

 


 

All terms mentioned in this text that are known to be trademarks or service

 

marks have been appropriately capitalized. Use of a term in this text should not be

 

regarded as affecting the validity of any trademark or service mark.

 


 

Copyright © 2015 by Penn Foster, Inc.

 

All rights reserved. No part of the material protected by this copyright may be

 

reproduced or utilized in any form or by any means, electronic or mechanical,

 

including photocopying, recording, or by any information storage and retrieval

 

system, without permission in writing from the copyright owner.

 

Requests for permission to make copies of any part of the work should be

 

mailed to Copyright Permissions, Penn Foster, 925 Oak Street, Scranton,

 

Pennsylvania 18515.

 

Printed in the United States of America

 


 

1

 


 

LESSON ASSIGNMENTS

 


 

7

 


 

LESSON 1: BUSINESS, ACCOUNTING, AND YOU

 


 

9

 


 

GRADED PROJECT

 


 

27

 


 

LESSON 2: ACCOUNTING FOR MERCHANDISING

 


 

49

 


 

LESSON 3: THE VALUE OF MONEY

 


 

71

 


 

LESSON 4: CORPORATIONS

 


 

95

 


 

SELF-CHECK ANSWERS

 


 

117

 


 

Contents

 


 

INSTRUCTIONS TO STUDENTS

 


 

iii

 


 

Welcome to accounting, doorway to a world of possibilities!

 

You?ve chosen to study a vibrant, thought-provoking subject

 

that?s full of challenges and opportunities. Best of all, you?ll

 

find that the key ideas discussed in this course are useful in

 

many careers and in your personal life as well.

 


 

Let?s consider an example. One important lesson you can

 

learn from your study of accounting is to keep the big picture

 

in mind. Here?s a question demonstrating this concept: Toni

 

Tiller bought a pony for $50 and sold it for $60. Later she

 

bought the pony back for $70 and sold it to someone else for

 

$80. How much did Toni make on the pony?

 


 

We?ll return to this discussion in a minute. Before we do, let?s

 

turn our attention to this study guide. It?s designed to help

 

you develop an understanding of financial accounting in

 

conjunction with your textbook, Financial Accounting. There

 

are four lessons in the study guide, each containing three

 

assignments. Each assignment concludes with suggested

 

exercises and problems selected from the textbook, as well

 

as a self-check. The answers to these textbook problems are

 

found in the Financial Accounting Solutions Supplement,

 

located on your student portal.

 

You?re responsible for your success in this course. Here are

 

three tips that may help you achieve that success:

 


 

1. Know your learning style. Are you a visual learner, an

 

audio learner, or a kinesthetic learner? Do you learn best

 

by seeing examples, hearing explanations, or experiencing hands-on activity? If you don?t know, you might want

 

to check out various websites or library books that offer

 

free evaluations. Once you?re determined your learning

 

style, tailor your study habits to your best advantage.

 

If you?re a visual learner, pay special attention to the

 

charts, graphs, exhibits, and financial statements in the

 

text. Audio learners might consider recording key points

 

and listening to them while commuting or during other

 

quiet times. If hands-on is your style, work through the

 

examples in the text using pencil and paper.

 


 

Instructions

 


 

YOUR COURSE

 


 

1

 


 

2. Assume you?ll receive an A in the course. Give yourself

 

permission to succeed at the outset. Sit down before you

 

start the course and write a letter to your instructor

 

dated several months in the future that describes in

 

detail what you did to achieve your A. Any time you feel

 

your motivation faltering during the course, remind yourself that you?re an A student. Remember, whether you

 

think you can or think you can?t, you?re right.

 

3. Keep the big picture in mind. Let?s finish our discussion

 

of Toni Tiller. Was your answer $10? Or did you do the

 

big-picture accounting and determine that the correct

 

answer is $20? If you answered $10, let?s work through

 

the solution: Add the amounts Toni paid for the pony

 

($50 + $70 = $120). Add what she received when she

 

sold the pony ($60 + $80 = $140). Now calculate the

 

difference between what she earned and what she spent

 

($140 ? $120 = $20).

 


 

Whatever your motivation for choosing to study accounting,

 

you have an exciting future ahead of you. May your achievements be matched by your pleasure in realizing them.

 


 

OBJECTIVES

 


 

When you complete this course, you?ll be able to

 

n

 

n

 


 

n

 

n

 


 

2

 


 

Understand important accounting principles and

 

concepts in order to prepare basic financial statements

 

Understand the fundamentals of bookkeeping while

 

using the general journal, general ledger, and trial

 

balance to prepare financial statements

 


 

Understand adjustments and closing entries to prepare

 

financial statements and a post-closing trial balance

 


 

Understand periodic and perpetual inventory systems;

 

accounting for the purchases and sales of inventory; and

 

how to account for shipping, freight, and other selling

 

expenses in preparation of a multi-step income statement and classified balance sheet

 


 

Instructions to Students

 


 

n

 


 

n

 


 

n

 


 

n

 

n

 


 

n

 


 

n

 


 

n

 


 

Account for inventory, the use of different inventory

 

costing methods, and their effects on financial

 

statements

 


 

Understand the role of ethics in accounting, the use of

 

internal controls, and the major provisions of the

 

International Financial Reporting Standards (IFRS)

 

Understand cash and accounts receivable and the

 

methods and internal controls for reporting on the

 

balance sheet

 


 

Understand, account for, and report various long-term

 

assets on the balance sheet

 


 

Distinguish between different liabilities and account for

 

and report current liabilities and long-term debt on the

 

balance sheet

 

Understand the treatment of stock as paid-in capital,

 

dividends, and retained earnings in the stockholders?

 

equity section of the balance sheet

 


 

Prepare a statement of cash flows using the direct and

 

indirect methods and evaluate the company?s performance as it relates to cash

 

Perform a horizontal and vertical analysis of financial

 

statements and compute various financial ratios

 


 

COURSE MATERIALS

 


 

Your Financial Accounting course provides you with the

 

materials listed below.

 

1. This study guide, which includes

 

n

 


 

n

 


 

A lesson assignments page that lists the schedule of

 

assigned readings in your textbook

 

Self-checks and answers that allow you to measure

 

your understanding of the course material

 


 

Instructions to Students

 


 

3

 


 

2. Your course textbook, Financial Accounting, Third

 

Edition, by Robert Kemp and Jeffrey Waybright, which

 

contains your assigned readings, exercises, and problems

 

3. Financial Accounting Solution Manual, located as a

 

supplement on your student portal.

 


 

MYACCOUNTINGLAB

 


 

Throughout the Financial Accounting textbook, you?ll

 

notice references to MyAccountingLab. MyAccountingLab

 

is a textbook supplement that allows instructors to assign

 

questions that can be completed in an Excel-simulated

 

environment.

 


 

MyAccountingLab isn?t part of the Financial Accounting

 

course. Ignore any textbook references to MyAccountingLab.

 

If you wish to supplement your learning by acquiring

 

MyAccountingLab, you?ll need to contact the publisher

 

directly to purchase the supplemental material. Since the

 

questions aren?t being assigned, Penn Foster won?t be able

 

to provide support for MyAccountingLab.

 


 

A STUDY PLAN

 


 

This study guide is intended to help you achieve the maximum

 

benefit from the time you spend on this course. It doesn?t

 

replace the textbook in any way. It serves as an introduction

 

to material that you?ll read in the book and as an aid to

 

assist you in understanding this material.

 

This study guide provides your assignments in four lessons.

 

Each lesson contains three assignments, a set of textbook

 

problems and exercises for each assignment, a self-check for

 

each assignment, and a comprehensive examination on the

 

material covered in the lesson. Be sure to complete all work

 

related to a lesson before moving on to the next lesson.

 


 

4

 


 

Instructions to Students

 


 

For each lesson, do the following:

 


 

1. Read the introduction to the lesson in this study guide.

 

2. Read the assigned pages in your textbook.

 


 

3. Complete the self-check in this study guide for each

 

assignment in the lesson. Remember: Do not send your

 

answers to the self-checks to the school.

 

4. Determine your own progress by comparing your

 

answers for the self-checks to the answers given in the

 

answer section of this study guide.

 


 

5. Complete the suggested exercises and problems selected

 

from your textbook.

 

6. Determine your own progress by comparing your

 

answers for the exercises and problems to the answers

 

given in the Financial Accounting Solution Manual.

 


 

7. Review the material covered in the lesson to prepare for

 

the lesson examination.

 


 

Now you?re ready to begin Lesson 1. When you?ve finished the

 

assigned readings and self-checks and are confident that you

 

have a good grasp of the material covered, complete the

 

graded project for Lesson 1. This graded project serves as the

 

exam for Lesson 1. Lessons 2?4 have multiple-choice examinations that you?ll access via your student portal.

 

At any point in your studies, you can email your instructor

 

for further information or clarification of your study materials. Your instructor?s guidance and suggestions should be

 

very helpful to you as you progress with your course.

 


 

Take some time now to review the lesson assignments.

 

Then, begin your study of financial accounting with Lesson 1,

 

Assignment 1.

 

Good luck and have fun!

 


 

Instructions to Students

 


 

5

 


 

NOTES

 


 

6

 


 

Instructions to Students

 


 

For:

 


 

Read in the

 

study guide:

 


 

Read in

 

the textbook:

 


 

Pages 15?18

 


 

Chapter 2

 


 

Assignment 1

 


 

Pages 9?12

 


 

Assignment 3

 


 

Pages 21?24

 


 

Assignment 2

 


 

Chapter 1

 


 

Chapter 3

 


 

Graded Project 061579

 


 

Material in Lesson 1

 


 

Lesson 2: Accounting for Merchandising

 

For:

 


 

Read in the

 

study guide:

 


 

Read in

 

the textbook:

 


 

Pages 57?61

 


 

Chapter 5

 


 

Assignment 4

 


 

Pages 50?53

 


 

Assignment 6

 


 

Pages 65?68

 


 

Assignment 5

 


 

Examination 061580

 


 

Chapter 4

 

Chapter 6

 


 

Material in Lesson 2

 


 

Lesson 3: The Value of Money

 

For:

 


 

Read in the

 

study guide:

 


 

Read in

 

the textbook:

 


 

Pages 80?86

 


 

Chapter 8

 


 

Assignment 7

 


 

Pages 72?77

 


 

Assignment 9

 


 

Pages 89?92

 


 

Assignment 8

 


 

Examination 061581

 


 

Chapter 7 and Appendix B

 

Chapter 9

 


 

Material in Lesson 3

 


 

Assignments

 


 

Lesson 1: Business, Accounting, and You

 


 

7

 


 

Lesson 4: Corporations

 

For:

 


 

Read in the

 

study guide:

 


 

Read in

 

the textbook:

 


 

Pages 104?106

 


 

Chapter 11

 


 

Assignment 10

 


 

Pages 96?99

 


 

Assignment 12

 


 

Pages 109?112

 


 

Assignment 11

 


 

Examination 061582

 


 

Chapter 10

 


 

Chapter 12

 


 

Material in Lesson 4

 


 

Note: To access and complete any of the examinations for this study

 

guide, click on the appropriate Take Exam icon on your student portal.

 

You should not have to enter the examination numbers. These numbers

 

are for reference only if you have reason to contact Student CARE.

 


 

8

 


 

Lesson Assignments

 


 

Lesson 1

 


 

Business, Accounting,

 

and You

 


 

Assignment 1 introduces three types of business and the

 

entities used in creating these businesses. Generally Accepted

 

Accounting Principles (GAAP) and International Financial

 

Reporting Standards (IFRS) are shown to govern the standards,

 

practices, and reporting of accounting information. The

 

accounting equation, transactions, and financial statements

 

(and their relationship to each other) are discussed.

 

Assignment 2 introduces the concept of double-entry bookkeeping and fundamentals for analyzing, journalizing, and

 

posting transactions as they occur in business.

 


 

Assignment 3 shows the adjusting and closing process in

 

preparation of an adjusted trial balance to be used to prepare

 

financial statements.

 

When you complete this lesson, you?ll be able to

 

n

 

n

 


 

n

 


 

Understand important accounting principles and

 

concepts in order to prepare basic financial statements

 

Understand the fundamentals of bookkeeping while

 

using the general journal, general ledger, and trial

 

balance to prepare financial statements

 


 

Understand adjustments and closing entries to prepare

 

financial statements and a post-closing trial balance

 


 

ASSIGNMENT 1: INTRODUCTION

 

TO ACCOUNTING

 

Read Assignment 1 in this study guide. Then read Chapter 1

 

in your textbook, Financial Accounting.

 


 

Why Study Accounting?

 


 

An often-asked question is ?Why do I need to take accounting?

 

I?m not going to be an accountant.? Accounting teaches the

 

language of business. Students receive report cards at school.

 


 

9

 


 

Financial statements are the report cards for businesses.

 

Everything that happens in a business is quantified on a

 

financial statement. If business professionals don?t know how

 

the numbers are put together and used, how can they run

 

their business effectively? The numbers should provide an

 

objective look at the health of a company at a specific point

 

in time.

 


 

What Is Accounting?

 


 

Accounting is keeping score of what?s happening in the

 

business. This is known as financial accounting, and the

 

results are reported on the financial statements. The financial

 

statements allow investors and creditors to make investment

 

decisions, suppliers and customers to determine the financial

 

condition of the company, and managers to make corrections

 

and better decisions concerning the operations of the business.

 


 

How Are Businesses Organized?

 


 

There are three common types of businesses?service,

 

merchandising, and manufacturing. The organization of the

 

business can be set up as a sole proprietorship, partnership,

 

corporation, or limited liability company. Each has advantages

 

and disadvantages. Exhibit 1-1 in the textbook summarizes

 

the different types of business organizations.

 


 

What Accounting Principles

 

and Concepts Govern the

 

Field of Accounting?

 


 

The Financial Accounting Standards Board (FASB) set the

 

principles that govern how we report financial information,

 

called the Generally Accepted Accounting Principles (GAAP).

 

The International Financial Reporting Standards (IFRS) were

 

created for businesses located in countries that didn?t have

 

their own accounting standards.

 


 

10

 


 

Financial Accounting

 


 

How Is the Accounting Equation Used

 

to Record Business Transactions?

 


 

The basic accounting equation states that the assets must

 

equal the liabilities plus the owner?s equity. This sets the

 

basic framework for accounting. For example, assets can be

 

broken down into current assets and long-term assets.

 

Liabilities can be broken down into current liabilities and

 

long-term liabilities. Equity can be broken down into common

 

stock and retained earnings. Each of these can be broken

 

down even further. It?s important to build a framework

 

(a structure) in your mind as to where everything goes and

 

how they?re interrelated. As transactions occur in a business,

 

they?re recorded in these categories of accounts. For example,

 

if you invest capital in the form of cash, then the assets and

 

equity increase, keeping the accounting equation in balance.

 


 

What Do Financial Statements Report,

 

and How Are They Prepared?

 

The four most common financial statements are

 


 

1. Balance sheet?A statement that shows what a company

 

owns (assets), what it owes (liabilities), and what the

 

owners can claim (owner?s equity) as of a particular date

 


 

2. Income statement?A statement that shows how much a

 

company has earned (revenue) and spent (expenses) for a

 

period of time

 

3. Statement of retained earnings?A statement that shows

 

how owner?s equity has changed over a period of time.

 

(Don?t be confused by the introduction of the term

 

stockholders? equity. In a corporation, owner?s equity is

 

called stockholders? equity because the owners hold

 

stock certificates. But the definition is the same; a

 

stockholder is an owner.)

 

4. Statement of cash flows?A statement that accounts for

 

the cash position of a company as of a particular date

 


 

Lesson 1

 


 

11

 


 

Every business has a balance sheet and income statement.

 

The statement of retained earnings and statement of cash

 

flows are optional. Also, additional statements can be created

 

as needed. For example, a manufacturing concern will have

 

statements of manufactured goods. There isn?t a set number

 

of statements that a particular business may have, but all

 

businesses will have the first two.

 

Exhibit 1-2 in the textbook illustrates the relationship

 

between the first three financial statements. The net income

 

from the income statement is shown as a line item on the

 

statement of retained earnings. The retained earnings is

 

shown as a line item on the balance sheet.

 


 

Before moving on to your next assignment, work through the

 

following accounting exercises and practice problems. When

 

you?ve completed the work, check your answers against the

 

answers provided on your student portal. Then, take some

 

time to complete Self-Check 1.

 


 

TexTbook exercises and Problems for assignmenT 1

 

At the end of each assignment, you?ll be asked to complete selected

 

exercises and practice problems from the text as a review of what

 

you?ve learned. We urge you to complete the exercises and problems, as accounting is best learned by doing. The more you practice,

 

the more proficient you?ll become.

 

1. Short Exercises S1-2 through S1-14 (pages 30?33)

 

2. Exercises (Group B): E1-23B through E1-30B (pages 37?39)

 

3. Problems (Group B): P1-36B through P1-40B (pages 44?47)

 

Check your answers in the financial accounting solutions

 

supplement that is found on your student portal.

 


 

12

 


 

Financial Accounting

 


 

Self-Check 1

 

At the end of each section of financial accounting, you?ll be asked to pause and check

 

your understanding of what you?ve just read by completing a ?Self-Check? exercise.

 

Answering these questions will help you review what you?ve studied so far. Please

 

complete self-check 1 now.

 

1. Which statement is false?

 

a. The proprietorship form of business organization protects the personal assets of the

 

owners from creditors of the business.

 

b. A proprietorship has a single owner.

 

c. Accounting is the information system that measures business activities, processes that

 

information into reports, and communicates the results to decision makers.

 

d. The FASB determines how accounting is practiced in the United States.

 

2. The primary objective of financial reporting is to

 

a.

 

b.

 

c.

 

d.

 


 

present

 

provide

 

provide

 

provide

 


 

information

 

information

 

information

 

information

 


 

in an ethical manner.

 

useful to managers in making daily decisions.

 

to the federal government.

 

useful for investment and lending decisions.

 


 

3. Wilbur Corp. operates a fishing tackle shop. The company needs to borrow money to expand;

 

therefore, it prepared financial statements to present to the banker. Wilbur Corp. obtained

 

appraisals of all the assets of the business to ensure that the balance sheet would reflect the

 

most current value of the assets. Wilbur Corp. has violated which principles or concepts?

 

a. Reliability principle

 

b. Cost principle

 


 

c. Going-concern principle

 

d. Stable-monetary-unit concept

 


 

4. Which statement is false?

 

a. Assets are economic resources that are expected to benefit future periods.

 

b. Expenses are decreases in stockholders? equity that result from delivering goods and

 

services to customers.

 

c. Revenues are assets that represent economic benefits.

 

d. Liabilities are economic obligations to outsiders.

 

5. A payment on account

 

a. decreases assets.

 

b. increases liabilities.

 


 

c. increases stockholders? equity.

 

d. increases assets.

 

(Continued)

 


 

Lesson 1

 


 

13

 


 

Self-Check 1

 

6. Which transaction increases stockholders? equity?

 

a. Collection of an account receivable

 

b. Issuance of common stock for cash

 


 

c. Payment of salaries

 

d. Cash purchase of land

 


 

7. A balance sheet reports the

 

a.

 

b.

 

c.

 

d.

 


 

assets, liabilities, and stockholders? equity on a particular date.

 

difference between revenues and expenses during the period.

 

change in the retained earnings during the period.

 

cash receipts and cash payments during the period.

 


 

8. If assets increase $40,000 during the period and liabilities decrease $8,000 during the period,

 

stockholders? equity must have

 

a. increased $32,000.

 

b. decreased $48,000.

 


 

c. decreased $32,000.

 

d. increased $48,000.

 


 

9. The following is information about the assets and liabilities at the end of 2013 and 2014:

 


 

Assets

 

Liabilities

 


 

2013

 


 

2014

 


 

$75,000

 


 

$90,000

 


 

36,000

 


 

45,000

 


 

If net income was $1,500 and there were no dividends, how much did equity increase from

 

new stock issuances?

 

a. $40,500

 

b. $45,000

 


 

c. $6,000

 

d. $4,500

 


 

10. The amount of net income shown on the income statement also appears on the

 

a. statement of financial position.

 

b. balance sheet.

 


 

c. statement of retained earnings

 

d. statement of cash flows.

 


 

Check your answers with those on page 117.

 


 

14

 


 

Financial Accounting

 


 

ASSIGNMENT 2: ANALYZING

 

AND RECORDING BUSINESS

 

TRANSACTIONS

 


 

Read Assignment 2 in this study guide. Then read Chapter 2

 

in your textbook, Financial Accounting.

 


 

How Are Accounts Used to Keep

 

Business Transactions Organized?

 


 

The books of accounting for a business are very similar to

 

the chapters of a textbook. And, just as textbook has a table

 

of contents that lists the chapters of the textbook, the

 

accounting books for a business have a chart of accounts.

 

On the chart of accounts are the following categories:

 

1. Assets

 


 

2. Liabilities

 


 

3. Stockholders? Equity

 

4. Revenues

 

5. Expenses

 


 

Each category is further broken down into general ledger

 

accounts, like subsections. The accounting ?book? titled

 

Assets would have accounts like Cash and Accounts

 

Receivable. In the general ledger account ?Cash,? information

 

about cash is entered, just as information is written in a

 

chapter of a textbook.

 


 

Lesson 1

 


 

15

 


 

What Are Debits,

 

Credits, and T-Accounts?

 


 

The definition of a debit isn?t plus or minus. It isn?t increase

 

or decrease. A debit is simply what?s on the left. This is the

 

same with a credit. A credit is what?s on the right. A debit or

 

credit must be considered in context. The context is what?s

 

considered the normal balance, which simply is what

 

increases that category of accounts?a debit or credit.

 


 

The normal balance of an asset is a debit. The normal balance of a liability is a credit. The normal balance of equity is

 

a credit. The normal balance of a revenue account is a credit.

 

The normal balance of an expense account is a debit.

 

Double-entry accounting requires that every transaction

 

affects at least two general ledger accounts. The transaction

 

must affect at least one debit and at least one credit. The

 

sum of the debits must always equal the sum of the credits.

 

Therefore, if you?re going to increase an asset account (the

 

normal balance of an asset is a debit), then you must debit

 

that account. Using a double-entry accounting means you

 

must make a credit somewhere else because debits must

 

equal credits. That means whichever account you choose,

 

you?ll credit that account. If choosing a liability account,

 

know that you?ll be increasing the liability account because

 

the normal balance of a liability account is a credit (which

 

increases that account).

 


 

Notice that the asset is a debit. Also, notice that the liability

 

is a credit. If increasing the liability using a credit, then to

 

decrease it, use a debit. This is why debits and credits don?t

 

have the definition of increase or decrease, plus or minus. If

 

increasing the asset using a debit, and you?d decrease a

 

liability using a debit. The debit depends on its context or

 

the normal balance of the category of account.

 


 

To see this more clearly, T-accounts are used. The middle of

 

page 56 of the textbook shows a T-account. The debit is on

 

the left, and the credit is on the right. If the account was an

 

asset, the debit would go on the left. If the account was a

 

liability, the debit would still go on the left. However, the

 

meaning of each account changes based on the normal

 

balance. If it?s an asset, the asset will increase on the debit

 

16

 


 

Financial Accounting

 


 

side. If it?s a liability, the liability will increase on the credit

 

side, which means it will decrease on the debit side.

 

Exhibit 2-1 illustrates the categories of accounts and

 

T-accounts, showing whether the account increases or

 

decrease by using a debit or credit for that type of account.

 


 

How Are the General Journal and

 

General Ledger Used to Keep Track

 

of Business Transactions?

 


 

All transactions that occur in a business are journalized, or

 

recorded in a journal. Remember, there are two parts to every

 

transaction?a debit and a credit. There can be more than

 

one debit or more than one credit for each transaction.

 

However, the debits must equal the credits.

 

After a transaction has been journalized, it must be posted

 

in...

 







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