Intermediate Accounting Exam 1: Chapters 1, 2, 3, 4 UPDATED Exam Questions and CORRECT Answers ONLY
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Course
Intermediate Accounting
Institution
Intermediate Accounting
Intermediate Accounting Exam 1: Chapters
1, 2, 3, 4 UPDATED Exam Questions and
CORRECT Answers ONLY
transactions recorded under accrual accounting - Correct Answer- Records revenues when
earned and expenses when incurred
debit and credit - Correct Answer- the left and right side of an accou...
four closing entries for temporary accounts - Correct Answer- REVENUE:
Debit revenue and gain accounts
Credit Income summary
EXPENSE:
Debit Income summary for total expenses
Credit each expense
INCOME SUMMARY:
Debit income summary
Credit retained earnings (net income)///
Debit retained earnings
Credit income summary (net loss)
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