 | Review of the Accounting Process
After studying this chapter, you should be able to:- LO1 Analyze routine economic events—transactions—and record their effects on a company’s financial position using the accounting equation format.
- LO2 Record transactions using the general journal format.
- LO3 Post the effects of journal entries to T-accounts and prepare an unadjusted trial balance.
- LO4 Identify and describe the different types of adjusting journal entries.
- LO5 Determine the required adjustments, record adjusting journal entries in general journal format, and prepare an adjusted trial balance.
- LO6 Describe the four basic financial statements.
- LO7 Explain the closing process.
- LO8 Convert from cash basis net income to accrual basis net income.
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