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Preparation of Financial Statements and Related Accounting Concepts

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The Financial Statements

Journal Entries: Debits and Credits

Adjusting Entries: Depreciation

Adjusting Entries: Supplies

Adjusting Entries: Unearned Revenue

Adjusting Entries: Accrued Expenses

Adjusting Entries: Accrued Revenues

Closing Entries

Retained Earnings

Initial Cost of Long Lived Assets

Depreciation: Straight Line

Depreciation: Summary of Main Methods

Initial Cost of Long Lived Assets

Inventory Errors

Net Sales

Cost of Goods Sold - Perpetual Inventory vs. Periodic Inventory

Revenue Recognition and Expense Recognition