Free Bookkeeping Video Tips
The Accounting Equation and Financial Statements
- Recordin equation form the financial effects of a business transaction.
- Define,identify, and understand the relationship between asset, liability, andowner's equity accounts.
- Analyzethe effects of business transactions on a firm's assets, liabilities, andowner's equity and record these effects in accounting equation form.
- Preparean income statement.
- Preparea statement of owner's equity and a balance sheet.
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