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Know what items will impact Retained Earnings. (Review the Retained Earnings equation from Review the 4 steps in the Accounting Cycle. a) Record transactions. b)

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Know what items will impact Retained Earnings. (Review the Retained Earnings equation from Review the 4 steps in the Accounting Cycle. a) Record transactions. b) Adjust accounts c) Prepare statements d) Close temporary accounts. Know examples of the following different types of transactions: a) Asset source transactions b) Claims Exchange transactions c) Asset Use transactions d) Asset Exchange transactions

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