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8 Cards in this Set
- Front
- Back
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Assets:
___|___ + or - & debit/credit Lib ___|___ SE: ___|___ |
Assets: + (debit),- (credit)
Lib: - (debit),+ (credit) SE: - (debit),+ (credit) |
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Stockholder's Equity:
CC __|__ Retained Earnings: __|__ |
CC - (debit),+ (credit)
RE - (debit),+ (credit) |
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Retained Earnings:
Revenues (gains) __|__ Expenses (loses) __|__ |
Revenues: - (debit), + (credit)
Expenses: + (debit), - (credit) |
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T-account Balances:
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Cash
Supplies Prepaid Rent Etc, T-Accounts have their OWN account (debit and credit side) |
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Unadjusted Trial Balance:
Is is a financial statement? Should Debits and Credits =? Specific Date? **CH 4 has more info** |
-Amounts come from Leger Balances
-NOT a financial statement -Debits=Credits -Listed Financial statement in order -Dated "As of XX, XX, XXXX" |
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Income Statement Limitations
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Cash flow, Precise, nor do they show value
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Revenue Names:
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Sales, Service, Rental, Interest, Dividends, Other Revenues
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Expense Names:
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Cost of Goods Sold, Repairs & Maintenance, Advertising Expense, Depreciation Expense, Insurance Expense, Salaries & Wages, Rent, Supplies, Transportation, Utilities, Amortization, Interest, Income Tax Expense.
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