1. This is an example that illustrates accounting capturing organization history on an event-by-event basis. This means that whenever an event happens, the accounting system records the event. 2. The lectures have a brief review of the accounting cycle. The text has three chapters, pages 327 through 472, that describes the accounting cycle. 3. For the exam, you will want to be able to a. Given an event, provide the journal entry. b. Given a journal entry, describe the effect on the assets, liabilities, shareholders' equity, revenues, and expenses. 4. Here are some check figures: Net Income is $18,233 Total Assets are $123,083 Total Liabilities are $14,850 Shareholders' Equity is $108,233