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Unformatted text preview: statements made. Order in which financial statements are prepared Income statement: prepared first with the revenue and expense account balances Statement of retained earnings = beginning balance of retained earnings, add net income. Subtract dividends = retained earnings Balance sheet Accounting cycle Journalize and post accounting transactions Prepare the trial balance Journalize and post adjusted entries Prepare and adjust trial balance Prepare financial statements Journalize and post closing entries Prepare a post-closing trial balance...
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This note was uploaded on 04/02/2011 for the course ACCT 205 taught by Professor Wendyw.achilles during the Fall '10 term at American InterContinental University.
- Fall '10