Accounting – 9/21/17
I. Bellwork
For each transaction below explain which accounts are affected and whether they increase (+) or decrease (-)
- Received Cash from Sales
- Paid Cash for an expense
- Received cash on account from a customer
II. Objectives:
- Identify accounting concepts and practices related to starting a service business organized as a proprietorship and to changes that affect the accounting equation.
- Analyze and interpret financial transactions in order to properly record them based on GAAP..
III. Chapter 1 Test
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