Problems - Key topics for study include: - Recording the effects of each accounting event on the accounting equation - Preparing T-accounts for accounting events - Preparing the four financial statements: Income Statement, Statement of Changes in Stockholder's Equity, Balance Sheet and Statement of Cash Flows. Be able to create these "from scratch" (remember the format of each financial statement, including a proper title and a properly stated date) - Recording accounting events in general journal format (i.e., journal entries) Be able to record transactions that we discussed in each chapter. For example: - Receiving cash for the issuance of common stock - Receiving cash from borrowings from the bank - Receiving cash for services provided - Providing services on account - Receiving cash from accounts receivable - Purchasing land for cash - Purchasing supplies on account (or for cash) - Paying for accounts payable - Incurring expenses on account - Recording supplies expense - Accruing salaries expense - Paying cash dividends - Recording prepaid rent - Using rent that was prepaid - Recording cash received in advance for services to be provided - Recording revenue for services provided that were paid for in advance - Preparing a trial balance in correct format - Preparing closing entries at the end of the period