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[DOC File]Accounting Equation:
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Balance sheet presents the financial position of an organization on a particular date. Closing entries are the final step in the accounting cycle. The balance in revenue, expense, and dividend accounts must be reset to zero at the beginning of each accounting period. ... Trial balance. Debit Credit Cash $ 12,000 Accounts Receivable 18,000 ...
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[DOC File]CHAPTER 2: ACCOUNTING FOR TRANSACTIONS
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Account balances are reported in the appropriate debit or credit column of a trial balance. Preparing a Trial Balance. Involves 3 steps: List each account title and its amount (from ledger) in the trial balance. A zero balance is listed with a zero in its normal balance column. Compute the total of debit balances and the total of credit balances.
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[DOCX File]Lesson 16 - wsfcs.k12.nc.us
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DEBIT. CREDIT. 7/1/2013. Cash. ... the post-closing trial balance will contain only permanent accounts or balance sheet accounts. The post-closing trial balance shows that the accounts are in balance and that the new accounting period is ready to begin. Student Resource 9.6.
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[DOC File]DISCUSSION QUESTIONS
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Statement Balance. Sheet 5 6 Account Title Debit Credit Debit Credit Debit Credit 7 Cash 12 12 8 Accounts Receivable 89 89 9 Supplies 3 3 10 Prepaid Insurance 4 4 11 …
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[DOC File]Accounting I Final Question and Answers:
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debit Rent Expense, $5,000; credit Prepaid Rent, $5,000. The balance in the office supplies account on June 1 was $5,200, supplies purchased during June were $2,500, and the supplies on hand at June 30 were $2,000. The amount to be used for the appropriate adjusting entry is _____. $5,700
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[DOC File]True/False (10 Points) 1
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Jun 19, 2010 · Balance Income . Statement Balance . Sheet Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash $1,000 $1,000 $1,000 Supplies $1,100 $800 $300 $300 Prepaid Insurance $2,200 $200 $2,000 $2,000 Equipment $24,000 $24,000 $24,000 Accum.
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[DOC File]Chapter 03 The Accounting Cycle: Capturing Economic Events
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139. Rules of debit and credit as applied to balance sheet accounts Items in the balance sheet are classified into three categories: assets, liabilities, and owners' equity. (A.) Identify by name two ledger accounts in each of the first two categories above (assets and liabilities) and one owners' equity account.
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[DOC File]Chapter 5—Accounting for Merchandising Operations
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The Adjustments columns like the Trial Balance columns, must be proved before the work sheet can be continued by adding the debit and credit columns so see that they balance. Adjusted Trial Balance The adjusted trial balance shows the balance of all accounts after adjustment at …
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[DOC File]SUMMARY OF ACCOUNTING BASICS
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term liability Credit Balance sheet Notes Receivable Current asset/Investment Debit Balance sheet Organization Costs Intangible asset Debit Balance sheet Patents Intangible asset Debit Balance sheet Paid-in Capital from Sale of. Treasury Stock Stockholders’ equity Credit Balance sheet Paid-in Capital in …
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Credit and debit balance sheet