Tom Bars is confused about how accounting infor- mation flows through the accounting system. He be- lieves

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Tom Bars is confused about how accounting infor- mation flows through the accounting system. He be- lieves information flows in this order:

(a) Debits and credits are posted to the ledger.

(b) Accounting transaction occurs.

(c) Information is entered in the journal.

(d) Financial statements are prepared.

(e) Trial balance is prepared. Indicate to Tom the proper flow of the information.

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Financial Accounting Tools For Business Decision Making

ISBN: 9780471691952

3rd Edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

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Question Posted: Jul 24, 2024 10:05 AM

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Tom Bars is confused about how accounting infor- mation flows through the accounting system. He be- lieves

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Financial Accounting Tools For Business Decision Making

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