THE ACCOUNTING EQUATION
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Last updated 2:25 PM on 11/8/22
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7 Terms
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Identifying
Identification of the economic events relevant to the business
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Posting
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Journalizing
Preparing the journal entries
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Classifying
Grouping assets, liabilities, revenues, expenses, and equities
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(Summarizing
Prepare the Trial Balance
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Basic Accounting Equation
ASSETS = LIABILITIES + OWNER’S EQUITY
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Expanded Accounting Equation
ASSETS = LIABILITIES + OWNER’S CAPITAL - OWNER’S DRAWING + REVENUE - EXPENSES
