Last Lecture Review Notes

Last Lecture Review Notes - forgive debt • **Know...

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Last Lecture Review Notes Pre-Midterm material (chapters 1 to 3) will be multiple choice, mostly concepts. Post- Midterm material (chapters 5 to 8) will be multiple choice, and short answer Chapter 1: Accounting Equation o [Assets= Liability + Equity] o Equity = Common Stock + (Net Income – Dividends) o Remember to include beginning balance of RE (Retained Earnings) Chapter 2: 11 transactions, summarized in lecture notes Debit/Credit Chapter 3: Revenue Delivery Expense Consumption Asset Ownership Adjusting Entries Deferred/Accrued Revenue Accrued/Deferred Expense Chapter 5: Short Term Investments Accounts Receivable o People not paying back o Bad Debt Expense (Income Statement) & Allowance (Balance Sheet) o Net A/R is NOT a T-Account BB of Allowance is always right side of T-account. Write-off on the left side (A/R)
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Unformatted text preview: forgive debt • **Know write-off and adjusting entry journal entries really well • 2 ways to estimate bad Debt Expense Percent of Sales and Aging of Receivables Chapter 6: • Inventory and Revenue (Price/Income) • LIFO, FIFO or Weighted Average Chapter 7: • Long term assets depreciation expense • Need to solve o Cost o Residual Value o Useful Life • Straight line depreciation, Units of Production Method of Double Declining Method • Remember: Double Declining, ALWAYS start from Book Value at beginning of the accounting period. Chapter 8: • Pricing of a bond [Bond Price= PV(principal) + PV(interest annuity)] • Journal Entries o Issuing discount/premium o Recording interest payments (NO retiring bonds)...
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This note was uploaded on 02/04/2011 for the course BADM 066 taught by Professor Bailey during the Fall '07 term at GWU.

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