1.
Introduction:
To prepare: The journal entries of the given transactions.
2.
Introduction: Journal entry is the first step of accounting to record day-to-day transactions that a business performs. It helps in further preparing financial statements at the end of the period to assess the financial position of the business.
To prepare: The T-Accounts.
3.
Introduction: Net income (NI), also called net earnings, is calculated as sales minus cost of goods sold, selling, general and administrative expenses, operating expenses,
Net income
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