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Personal Financial Literacy | 1st Edition | ISBN: 9780538444521 | Authors: Joan Ryan ISBN: 9780538444521 464

Solution for problem 4 Chapter 9.3

Personal Financial Literacy | 1st Edition

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Personal Financial Literacy | 1st Edition | ISBN: 9780538444521 | Authors: Joan Ryan

Personal Financial Literacy | 1st Edition

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Problem 4

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Accounting Week 4 Remember: Assets Account increase on the debit side and decrease on the credit side Liabilities and Equity Accounts increase on credit and decrease on debit ­Keep the functions of the accounting equation in mind Post transactions on the general ledger: Posting­ the process of transferring the debit and credit information to the appropriate sheets Expense recognition: anticipating the costs of an event and dealing with them before the event takes place­ these are not recorded until the revenue is generated from said event These costs may include salaries of employees, purchase of supplies, and estimated costs involved with fuel The difference between accrual­basis and cash­basis accounting lies in the timing of when revenues and

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Chapter 9.3, Problem 4 is Solved
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Textbook: Personal Financial Literacy
Edition: 1
Author: Joan Ryan
ISBN: 9780538444521

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