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ACC 1101 (1)
Lecture 1

ACC 1101 Lecture 1: Video Lecture Notes

by OneClass245857 , Fall 2015
12 Pages
99 Views

Department
Accounting
Course Code
ACC 1101
Professor
Miller Susan
Lecture
1

This preview shows pages 1-3. Sign up to view the full 12 pages of the document.
Accounting Cycle Two
-Operating activities: activities a company does for its day to day operations
-Rent revenue: an equity account that is also and income statement account – it will go on
an income statement
-Shareholders are now owed the $20 000 because the company has received that from the
renter
Accounting Cycle Three
-From here we can do first our income statement, and then our balance sheet
-An income statement only has one years worth of income on it

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Description
Accounting Cycle Two Operating activities: activities a company does for its day to day operations Rent revenue: an equity account that is also and income statement account it will go on an income statement Shareholders are now owed the 20 000 because the company has received that from the renter Accounting Cycle Three From here we can do first our income statement, and then our balance sheet An income statement only has one years worth of income on it
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