What is the basic accounting equation? Expanded? Solve for missing amounts What is reported on the following statements? O O O Income Statement Retained Earnings Statement Balance Sheet Know the T-Account structure (i. e., which side is debit, which side is credit, which side increases the account, which side decreases the account, which is normal balance) of each of the following O O O O O O Assets Liabilities Common Stock Revenue Expenses Dividends Know the steps of the recording process in the proper sequence When/why are closing entries prepared? Journalize Closing entries Temporary Accounts V/S Permanent Accounts Close income summary Calculate items on multiple-step income statement Net sales Gross profit Income from Operations