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Tartan Loungewear: An Introductory Transactional Accounting Exercise
內容大綱
Trina Wolfson incorporated her business, Tartan Loungewear (Tartan), on June 1, 2022. The business sold trendy loungewear with tartan accents. After Tartan’s first year of operations, she and her friend, an accountant, were working together to record all accounting transactions and prepare financial statements for the year.
學習目標
This accounting exercise is designed to be an introduction to simple transactions relating to asset, liability, equity, revenue, and expense accounts. After working through this exercise and the assignment questions, students will be able to do the following:<ul><li>Apply understanding of basic transactional accounting principles and the accounting cycle.</li><li>Correctly record basic adjusting entries such as depreciation, cost of goods sold, prepayments, and accrued expenses.</li><li>Record closing entries and prepare a statement of earnings and a statement of financial position.</li></ul>