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Preparing financial statements for a merchandising business
(The statements are completed in this order.)
1. Income Statement (contains only expenses and revenue and shows net loss or gain)
2. Statement of Owner's Equity (summarizes the changes in owner's equity during accounting period)
3. Balance Sheet (lists a firm's liabilities, assets and owner's equity as of a certain date)
at the end of May he has a voucher for expenditure of $270 and a balance in hand of $30. explain what the imprest amount is
solutions for chapter 8
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the meaning of dual concept
1. State the equity equation. 2. Which account represents the beginning equity figure? 3. In which accounts are changes to equity recorded? 4. How do drawings affect the calculati
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