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Accounting (112)
33:010:272 (51)
Xi Wang (2)
Lecture 4

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Department
Accounting
Course
33:010:272
Professor
Xi Wang
Semester
Fall

Description
Introduction To FinancialAccounting Sarath Fall 2013 Lecture 4: The Accounting Cycle Continued We will first do a simple example explaining the whole process, then each of the  psteps in detail and finish next class with some complete examples from Chapter  4. Example 1) Merchant Co was started on Jan 1, 2012 with a $1 million contribution  from shareholders. 2) During the year, the company bought $500,000 of merchandise which  was sold for $750,000 all in cash.  3) The rent paid for the year was $100,000 and salaries paid were $150,000 4) As a startup in a poor area, Merchant did not have to pay taxes for five  years. Prepare journal entries, postings, closing entries for this setting on Dec 31, 2012. The income statement of Benning Co. for the month of July shows net income of $1,400 based on Service Revenue $5,500 Supplies Expense Wages Expense $2,300 Utilities Expense In reviewing the stat
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