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Unformatted text preview: Accounts 1. Assets-Accounts Receivable (outstanding checks)-Cash-Inventory/Equipment 2. Liabilities-Accounts Payable-Notes Payable-Wages Payable-Unearned Revenue 3. Owners Equity-Paid in Capital-Revenue (service revenue, sales revenue)-Expenses (rent expenses, utility expenses)-Dividends Double Entry Accounting-In every business transaction, you give something and you receive something. NOTE: See T chart in notebook dealing with debit and credit transactions. 2 Golden Rule #1 Assets = Liabilities + Owners Equity Golden Rule #2 Debits = Credits...
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This note was uploaded on 01/16/2012 for the course ACCT 2001 taught by Professor Lowe during the Fall '08 term at LSU.
- Fall '08