Question
.) What are the four types of adjusting entries? Provide an example of each one. 6.) What are the journal entries for the seller of
.) What are the four types of adjusting entries? Provide an example of each one.
6.) What are the journal entries for the seller of inventory (for the sale, for a return, and payment within the discount period)?
7.) Describe the difference between current and long-term liabilities.
8.) What is the journal entry to record cash received in advance of performing a service or delivering a product?
9.) What are the three important dates for a cash dividend? What is the journal entry required for each date? What is the overall impact of a cash dividend on the accounting equation (assets = liabilities + stockholders' equity)?
10.) Calculate net cash provided by operating activities.
11.) Name the 3 major business activities and be able to identify which activities belong to each category.
12.) Prepare an Income Statement, Statement of Stockholders' Equity, Balance Sheet and Statement of Cash Flows.
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