Review For Final

Review For Final - Dividends go up Expenses go up Chapter 8...

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Chapter 6: 1. Analyze Transactions 2. Create General Journal entries 3. Post to general ledgers 4. Prepare a Trial balance 5. Post Adjusting entries 6. Prepare adjusted trial balance 7. Prepare Financial statements 8. Prepare post closing entries Close all revenue and gain accounts to income summary Close all expense and loss accounts to income summary Close income summary to retained earnings Close dividends to retained earnings 9. Prepare Post closing trial balance Debits: Assets go up
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Unformatted text preview: Dividends go up Expenses go up Chapter 8: FIFO LIFO Chapter 10: Cash Flows (Indirect Method) 1. Net Income on Line 1 2. Add Depreciation 3. Subtract gains and add losses associated with sale of investments or long-term assets 4. Adjust for changes in current assets and liabilities a. Current assets: add decreases, subtract increases b. Current liabilities: add increases, subtract decreases Difference between last two years...
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This note was uploaded on 06/01/2008 for the course ACC 305 taught by Professor Gal during the Spring '08 term at Rutgers.

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