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Chapter 7 Week 1 Day 2 Spring 2010 Revised

Chapter 7 Week 1 Day 2 Spring 2010 Revised - Chapter 7 Week...

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Chapter 7 Week 1 Day 2 (Mar. 24 th ) Accounting Information Systems 7-1
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7-2 Learning Objectives Explain the impact of accounting events on the accounting equation Describe and demonstrate the steps in the accounting cycle Explain how accounting events are reported on the financial statements
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7-3 The Accounting Equation Assets = Liabilities + Owners’ Equity Revenues increase owners’ equity. Expenses decrease owners’ equity.
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7-4 Debits and Credits Left and Right Debit Credit
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7-5 Normal Account Balances If an account increases with a debit, what is its normal balance? What are the normal balances of assets, liabilities, and owners’ equity? What are the normal balances of revenues and expenses?
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7-6 The Accounting Cycle Record events in the general journal Post to the general ledger Prepare a trial balance Prepare adjusting entries Prepare an adjusted trial balance Prepare financial statements Prepare closing entries Prepare a post-closing trial balance
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