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Unformatted text preview: asset it represents. o Shown under assets but is subtracted from the assets TEST REVIEW: Ch 1 Separate entity – A = L + SE Page 18 relevance, accounting rules (who sets them up (Generally accepted accounting Principles). Definition for income statement, Statement of RE, and Balance Sheet Know how to record financial statements Ch 2/3 Analyze the given events Journal Entries T-Accounts (not prepare but where do you put Dr and Cr) DEAD rule “Matching Principle” Page 93 “Time Period Assumption” life of company can be divided into shorter periods Ch 4 Adjusting entries Payable is more likely to have an adjusting entry Cash is least likely to be seen in the Adjusting entries Closing journal entries (Revenues, Dividends, Expenses) Adjusting entry for depreciation (Only contra asset). Chapter 4 Notes (Adjusting Entries)...
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