chapter 3 reading - The Recording Process Illustrated

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The Recording Process Illustrated Illustrations  3-21  through  3-31  below show the basic steps in the recording process using the October  transactions of Sierra Corporation. Sierra's accounting period is a month. A basic analysis and a  debit–credit analysis precede the journalizing and posting of each transaction. Study these transaction  analyses carefully.  The purpose of transaction analysis is first to identify the type of account  involved and then to determine whether a debit or a credit to the account is required.  You  should always perform this type of analysis before preparing a journal entry. Doing so will help you  understand the journal entries discussed in this chapter as well as more complex journal entries to be  described in later chapters.  Accounting Cycle Tutorial The diagrams in Illustrations  3-21  to  3-31  review the accounting cycle. If you would like  additional practice, an Accounting Cycle Tutorial is available on WileyPLUS. The  illustration to the left is an example of a screen from the tutorial.
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Helpful Hint Many liabilities have the word “payable” in their
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This document was uploaded on 11/02/2011 for the course ACCOUNTING ac 201 at Montgomery.

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chapter 3 reading - The Recording Process Illustrated

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