Question: This is a study guide. Please help. 1. Determine the effect on accounts with various transactions. 2. Identify the normal balance for each account. 3.

This is a study guide. Please help.

1. Determine the effect on accounts with various transactions. 2. Identify the normal balance for each account. 3. Identify the formula representing the expanded accounting equation. 4. Know and apply debit and credit procedures and the purpose and requirements of a doubleentry system. 5. Know the usual sequence of steps in the recording process. 6. Know the usual ordering of accounts in the general ledger. 7. Define chart of accounts, journalizing, posting, trial balance, t-account. 8. Know how asset, liabilities, equity, revenue, and expenses increase \& decrease with debits and credits 9. Explain the contents of beginning and ending Retained Earnings 10. Understand the meaning behind normal balances 11. Explain the expanded Accounting Equation 12. Explain the accounting cycle (Journalizing and posting), chart of accounts, double-entry accounting system

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