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Adjusting Entries. Definition Journal entries prepared to update the balances of certain accounts and subsequently record unrecognized accounts Prepared
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12-1 Chapter 12 Skyline College. 12-2 system of accounting by which all revenues and expenses are matched and reported on financial statements for the
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The Income Statement. Up to now...... Learned a variety of accounts – Assets – Liabilities – Owner’s Equity – Revenue – Expenses Learned our first financial
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©2009 The McGraw-Hill Companies, Inc. Chapter 3 The Financial Reporting Process
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What is it? First let’s remember our definition for an expense Something that we spend money on to make money Based on this definition shouldn’t
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Unit 1.3 Adjusting the Accounts The time period (or periodicity) assumption assumes that the economic life of a business can be divided into artificial
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