B. When you are presented with a transaction, state the steps you would take as a guide for your decision to Debit one account and Credit the other(s). Give an example of a transaction other than the one we used in the class and demonstrate the application of the steps you described in determining how you would journalize the accounts associated to the transaction.

C. How do the components of the Accounting Equation map into the preparation of the financial statements such as Income Statement, Retained Earnings Statement, and the Balance Sheet?

D. What is the difference between drawings and dividend?

E. What are the differences between Retained Earnings Statement, the Statement of Changes in Owners Equity, and The Statement of Owners Equity?