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WGU D102 Financial accounting unit 3 WITH verified solutions(graded A+).
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WGU D102 Financial accounting unit 3 WITH verified solutions(graded A+).
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WGU D102Financial
accounting unit
3 WITH verified
solutions(graded
A+)
business documents - answer records of
transactions used as the basis for recording
accounting entries; include invoices, check
stubs, receipts, and similar business papers
4 steps of accounting cycle - answer 1.
analyze transactions
2. record the effects of transactions
3. summarize the effects of transactions
, 4. prepare reports
account - answer an accounting record in
which the results of transactions are
accumulated; shows increases, decreases,
and a balance
t-account - answer a simplified depiction of
an account in the form of a letter T
debit (abbreviated Dr) - answer an entry on
the left side of a T-account
credit (abbreviated Cr) - answer an entry on
the right side of a T-account
three basic facts regarding double-entry
accounting - answer 1. debits are always
entered on the left side of an account and
credits on the right side
2. for every transaction, there must be at
least one debit and one credit
3. debits mus always equal credits for each
transaction
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