acct 3

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9 Terms

1
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installment note format

payments, interest, principal, end balance

2
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interest formula | installment notes

beg balance x 0.0075

3
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principal formula | installment notes

payments - interest

4
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ending balance formula | installment notes

beg balance - principal

5
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Depreciation formula | gain/loss, etc

(cost - residual value) / useful life

6
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| book value formula | depreciation stuff

cost - accumulated depreciation

7
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| gain & loss |

gain def.

loss def.

gain - sell more

loss - book value more

8
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depreciation entry format

depreciation expense

accumulated depreciation

(both same values)

9
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recording sale format

cash

accumulated depreciation

equipment

gain/loss sale of equipment