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Intermediate Accounting Exam 1: Chapters 1, 2, 3, 4 with Complete Solutions | Verified & Updated
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transactions recorded under accrual accounting - Records revenues when earned and expenses when incurred debit and credit - the left and right side of an account, does not imply increases or decreases normal balance - the expected balance in an account, the side that increases the value of the account cash basis accounting - companies only recognize revenue when cash is received and expenses when cash is paid temporary accounts - income statement accounts, dividends permanent accounts - balance sheet accounts four closing entries for temporary accounts - REVENUE: Debit revenue and gain accounts Credit Income summary EXPENSE: Debit Income summary for total expensesCredit each expense
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Institution
Intermediate Accounting
Course
Intermediate Accounting
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- Intermediate Accounting
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- Intermediate Accounting
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intermediate accounting exam 1 chapters 1 2 3
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