Chapter 2: Debits and Credits (PDF) -...
Transcript of Chapter 2: Debits and Credits (PDF) -...
![Page 1: Chapter 2: Debits and Credits (PDF) - KnowledgeVisionstatic.knowledgevision.com/account/ebb/assets/attachment/Chapter_2... · Debits and Credits Every transaction (sentence in the](https://reader031.fdocuments.net/reader031/viewer/2022022003/5a9e0e747f8b9a29228cfb41/html5/thumbnails/1.jpg)
Chapter 2: Debits and Credits
© 2012 Educating Bookkeepers for Business, Inc.
![Page 2: Chapter 2: Debits and Credits (PDF) - KnowledgeVisionstatic.knowledgevision.com/account/ebb/assets/attachment/Chapter_2... · Debits and Credits Every transaction (sentence in the](https://reader031.fdocuments.net/reader031/viewer/2022022003/5a9e0e747f8b9a29228cfb41/html5/thumbnails/2.jpg)
Think through and record transactions (write sentences) using T-accounts and journal entries.
© 2012 Educating Bookkeepers for Business, Inc.
![Page 3: Chapter 2: Debits and Credits (PDF) - KnowledgeVisionstatic.knowledgevision.com/account/ebb/assets/attachment/Chapter_2... · Debits and Credits Every transaction (sentence in the](https://reader031.fdocuments.net/reader031/viewer/2022022003/5a9e0e747f8b9a29228cfb41/html5/thumbnails/3.jpg)
Debits and Credits
Every transaction (sentence in the story of what happened to the money) has to have a debit and a credit. Accounting professionals use T-accounts to help them think through transactions and journal entries to record them.
© 2012 Educating Bookkeepers for Business, Inc.
![Page 4: Chapter 2: Debits and Credits (PDF) - KnowledgeVisionstatic.knowledgevision.com/account/ebb/assets/attachment/Chapter_2... · Debits and Credits Every transaction (sentence in the](https://reader031.fdocuments.net/reader031/viewer/2022022003/5a9e0e747f8b9a29228cfb41/html5/thumbnails/4.jpg)
Debits and Credits
In the pen and paper days all debit and credit transactions were recorded as journal entries. Today, computer programs like do the journal entries for you in the background.
© 2012 Educating Bookkeepers for Business, Inc.
![Page 5: Chapter 2: Debits and Credits (PDF) - KnowledgeVisionstatic.knowledgevision.com/account/ebb/assets/attachment/Chapter_2... · Debits and Credits Every transaction (sentence in the](https://reader031.fdocuments.net/reader031/viewer/2022022003/5a9e0e747f8b9a29228cfb41/html5/thumbnails/5.jpg)
Journal Entries & T-accounts
© 2012 Educating Bookkeepers for Business, Inc.
![Page 6: Chapter 2: Debits and Credits (PDF) - KnowledgeVisionstatic.knowledgevision.com/account/ebb/assets/attachment/Chapter_2... · Debits and Credits Every transaction (sentence in the](https://reader031.fdocuments.net/reader031/viewer/2022022003/5a9e0e747f8b9a29228cfb41/html5/thumbnails/6.jpg)
Debit and Credit Cheat Sheet
© 2012 Educating Bookkeepers for Business, Inc.
![Page 7: Chapter 2: Debits and Credits (PDF) - KnowledgeVisionstatic.knowledgevision.com/account/ebb/assets/attachment/Chapter_2... · Debits and Credits Every transaction (sentence in the](https://reader031.fdocuments.net/reader031/viewer/2022022003/5a9e0e747f8b9a29228cfb41/html5/thumbnails/7.jpg)
Debit and Credit Cheat Sheet
To use the cheat sheet you only have to figure out two things.
• Did you get or give away any money in exchange for a good or service?
• If you didn’t get or give away any money in exchange for the good or service what did you get or give away?
© 2012 Educating Bookkeepers for Business, Inc.
![Page 8: Chapter 2: Debits and Credits (PDF) - KnowledgeVisionstatic.knowledgevision.com/account/ebb/assets/attachment/Chapter_2... · Debits and Credits Every transaction (sentence in the](https://reader031.fdocuments.net/reader031/viewer/2022022003/5a9e0e747f8b9a29228cfb41/html5/thumbnails/8.jpg)
TOTAL DEBITS always = TOTAL CREDITS
• + and – depict how an account behaves • increases or decreases NOT positive or negative • debits and credits can be assigned to multiple
accounts • total debits in the transaction
= total credits in the transaction
© 2012 Educating Bookkeepers for Business, Inc.
![Page 9: Chapter 2: Debits and Credits (PDF) - KnowledgeVisionstatic.knowledgevision.com/account/ebb/assets/attachment/Chapter_2... · Debits and Credits Every transaction (sentence in the](https://reader031.fdocuments.net/reader031/viewer/2022022003/5a9e0e747f8b9a29228cfb41/html5/thumbnails/9.jpg)
Normal Balance
The type of balance, debit or credit, a particular account is expected to have based on its account type.
• debit balance: asset, expense accounts • credit balance: equity, liability, income accounts
Balance sheet account balances in QuickBooks are normally positive. Exceptions are contra accounts.
© 2012 Educating Bookkeepers for Business, Inc.
![Page 10: Chapter 2: Debits and Credits (PDF) - KnowledgeVisionstatic.knowledgevision.com/account/ebb/assets/attachment/Chapter_2... · Debits and Credits Every transaction (sentence in the](https://reader031.fdocuments.net/reader031/viewer/2022022003/5a9e0e747f8b9a29228cfb41/html5/thumbnails/10.jpg)
Deconstructing the Cheat Sheet Assets
Debiting an asset account increases the account balance. Crediting an asset account decreases the account balance.
© 2012 Educating Bookkeepers for Business, Inc.
![Page 11: Chapter 2: Debits and Credits (PDF) - KnowledgeVisionstatic.knowledgevision.com/account/ebb/assets/attachment/Chapter_2... · Debits and Credits Every transaction (sentence in the](https://reader031.fdocuments.net/reader031/viewer/2022022003/5a9e0e747f8b9a29228cfb41/html5/thumbnails/11.jpg)
Deconstructing the Cheat Sheet Liabilities & Equity
Debiting a liability or equity account decreases the account balance. Crediting a liability or equity account increases the account balance.
© 2012 Educating Bookkeepers for Business, Inc.
![Page 12: Chapter 2: Debits and Credits (PDF) - KnowledgeVisionstatic.knowledgevision.com/account/ebb/assets/attachment/Chapter_2... · Debits and Credits Every transaction (sentence in the](https://reader031.fdocuments.net/reader031/viewer/2022022003/5a9e0e747f8b9a29228cfb41/html5/thumbnails/12.jpg)
Deconstructing the Cheat Sheet Income (Revenue)
Debiting an income account decreases the account balance. Crediting an income account increases the account balance.
© 2012 Educating Bookkeepers for Business, Inc.
![Page 13: Chapter 2: Debits and Credits (PDF) - KnowledgeVisionstatic.knowledgevision.com/account/ebb/assets/attachment/Chapter_2... · Debits and Credits Every transaction (sentence in the](https://reader031.fdocuments.net/reader031/viewer/2022022003/5a9e0e747f8b9a29228cfb41/html5/thumbnails/13.jpg)
Deconstructing the Cheat Sheet Expenses & Cost of Goods Sold
Debiting an expense or COGS account increases the account balance. Crediting an expense or COGS account decreases the account balance.
© 2012 Educating Bookkeepers for Business, Inc.
![Page 14: Chapter 2: Debits and Credits (PDF) - KnowledgeVisionstatic.knowledgevision.com/account/ebb/assets/attachment/Chapter_2... · Debits and Credits Every transaction (sentence in the](https://reader031.fdocuments.net/reader031/viewer/2022022003/5a9e0e747f8b9a29228cfb41/html5/thumbnails/14.jpg)
Open a bank account with your parent’s money.
debit increases your bank account (current asset) balance credits increase your liability (loan) and equity balances
© 2012 Educating Bookkeepers for Business, Inc.
![Page 15: Chapter 2: Debits and Credits (PDF) - KnowledgeVisionstatic.knowledgevision.com/account/ebb/assets/attachment/Chapter_2... · Debits and Credits Every transaction (sentence in the](https://reader031.fdocuments.net/reader031/viewer/2022022003/5a9e0e747f8b9a29228cfb41/html5/thumbnails/15.jpg)
To record this transaction in QB make a deposit. Banking: Make Deposits
© 2012 Educating Bookkeepers for Business, Inc.
![Page 16: Chapter 2: Debits and Credits (PDF) - KnowledgeVisionstatic.knowledgevision.com/account/ebb/assets/attachment/Chapter_2... · Debits and Credits Every transaction (sentence in the](https://reader031.fdocuments.net/reader031/viewer/2022022003/5a9e0e747f8b9a29228cfb41/html5/thumbnails/16.jpg)
Buy tools.
debit increases your tools (fixed asset) balance credit decreases your bank account(current asset) balance
© 2012 Educating Bookkeepers for Business, Inc.
![Page 17: Chapter 2: Debits and Credits (PDF) - KnowledgeVisionstatic.knowledgevision.com/account/ebb/assets/attachment/Chapter_2... · Debits and Credits Every transaction (sentence in the](https://reader031.fdocuments.net/reader031/viewer/2022022003/5a9e0e747f8b9a29228cfb41/html5/thumbnails/17.jpg)
To record this transaction in QB write a check. Banking: Write Checks
© 2012 Educating Bookkeepers for Business, Inc.
![Page 18: Chapter 2: Debits and Credits (PDF) - KnowledgeVisionstatic.knowledgevision.com/account/ebb/assets/attachment/Chapter_2... · Debits and Credits Every transaction (sentence in the](https://reader031.fdocuments.net/reader031/viewer/2022022003/5a9e0e747f8b9a29228cfb41/html5/thumbnails/18.jpg)
Charge the tools to your credit card.
debit increases your tools (fixed asset) balance credit increases your credit card (current liability) balance
© 2012 Educating Bookkeepers for Business, Inc.
![Page 19: Chapter 2: Debits and Credits (PDF) - KnowledgeVisionstatic.knowledgevision.com/account/ebb/assets/attachment/Chapter_2... · Debits and Credits Every transaction (sentence in the](https://reader031.fdocuments.net/reader031/viewer/2022022003/5a9e0e747f8b9a29228cfb41/html5/thumbnails/19.jpg)
To record this transaction in QB enter a credit card charge. Banking: Enter Credit Card Charges
© 2012 Educating Bookkeepers for Business, Inc.
![Page 20: Chapter 2: Debits and Credits (PDF) - KnowledgeVisionstatic.knowledgevision.com/account/ebb/assets/attachment/Chapter_2... · Debits and Credits Every transaction (sentence in the](https://reader031.fdocuments.net/reader031/viewer/2022022003/5a9e0e747f8b9a29228cfb41/html5/thumbnails/20.jpg)
Pay the credit card bill.
debit decreases your credit card (current liability) balance credit decreases your bank account (current asset) balance
© 2012 Educating Bookkeepers for Business, Inc.
![Page 21: Chapter 2: Debits and Credits (PDF) - KnowledgeVisionstatic.knowledgevision.com/account/ebb/assets/attachment/Chapter_2... · Debits and Credits Every transaction (sentence in the](https://reader031.fdocuments.net/reader031/viewer/2022022003/5a9e0e747f8b9a29228cfb41/html5/thumbnails/21.jpg)
To record this transaction in QB write a check. Banking: Write Checks
© 2012 Educating Bookkeepers for Business, Inc.
![Page 22: Chapter 2: Debits and Credits (PDF) - KnowledgeVisionstatic.knowledgevision.com/account/ebb/assets/attachment/Chapter_2... · Debits and Credits Every transaction (sentence in the](https://reader031.fdocuments.net/reader031/viewer/2022022003/5a9e0e747f8b9a29228cfb41/html5/thumbnails/22.jpg)
Enter the bill from your tool vendor .
debit increases your tools (fixed asset) balance credit increases your accounts payable balance
Terms • net 30: due within 30 days • 2% 10, net 30: 2% discount if paid within
10 days, due within 30 days © 2012 Educating Bookkeepers for Business, Inc.
![Page 23: Chapter 2: Debits and Credits (PDF) - KnowledgeVisionstatic.knowledgevision.com/account/ebb/assets/attachment/Chapter_2... · Debits and Credits Every transaction (sentence in the](https://reader031.fdocuments.net/reader031/viewer/2022022003/5a9e0e747f8b9a29228cfb41/html5/thumbnails/23.jpg)
To record this transaction in QB enter a bill. Vendors: Enter Bills
© 2012 Educating Bookkeepers for Business, Inc.
![Page 24: Chapter 2: Debits and Credits (PDF) - KnowledgeVisionstatic.knowledgevision.com/account/ebb/assets/attachment/Chapter_2... · Debits and Credits Every transaction (sentence in the](https://reader031.fdocuments.net/reader031/viewer/2022022003/5a9e0e747f8b9a29228cfb41/html5/thumbnails/24.jpg)
Pay the tool vendor’s bill.
debit decreases your accounts payable balance credit decreases your bank account (current asset) balance
© 2012 Educating Bookkeepers for Business, Inc.
![Page 25: Chapter 2: Debits and Credits (PDF) - KnowledgeVisionstatic.knowledgevision.com/account/ebb/assets/attachment/Chapter_2... · Debits and Credits Every transaction (sentence in the](https://reader031.fdocuments.net/reader031/viewer/2022022003/5a9e0e747f8b9a29228cfb41/html5/thumbnails/25.jpg)
To record this transaction in QB pay the bill. Vendors: Pay Bills
© 2012 Educating Bookkeepers for Business, Inc.
![Page 26: Chapter 2: Debits and Credits (PDF) - KnowledgeVisionstatic.knowledgevision.com/account/ebb/assets/attachment/Chapter_2... · Debits and Credits Every transaction (sentence in the](https://reader031.fdocuments.net/reader031/viewer/2022022003/5a9e0e747f8b9a29228cfb41/html5/thumbnails/26.jpg)
Invoice a customer.
debit increases your accounts receivable balance credit increases your labor income balance
© 2012 Educating Bookkeepers for Business, Inc.
![Page 27: Chapter 2: Debits and Credits (PDF) - KnowledgeVisionstatic.knowledgevision.com/account/ebb/assets/attachment/Chapter_2... · Debits and Credits Every transaction (sentence in the](https://reader031.fdocuments.net/reader031/viewer/2022022003/5a9e0e747f8b9a29228cfb41/html5/thumbnails/27.jpg)
To record this transaction in QB create an invoice. Customers: Create Invoices
© 2012 Educating Bookkeepers for Business, Inc.
![Page 28: Chapter 2: Debits and Credits (PDF) - KnowledgeVisionstatic.knowledgevision.com/account/ebb/assets/attachment/Chapter_2... · Debits and Credits Every transaction (sentence in the](https://reader031.fdocuments.net/reader031/viewer/2022022003/5a9e0e747f8b9a29228cfb41/html5/thumbnails/28.jpg)
Receive payment from the customer.
debit increases your undeposited funds balance credit decreases your accounts receivable balance
© 2012 Educating Bookkeepers for Business, Inc.
![Page 29: Chapter 2: Debits and Credits (PDF) - KnowledgeVisionstatic.knowledgevision.com/account/ebb/assets/attachment/Chapter_2... · Debits and Credits Every transaction (sentence in the](https://reader031.fdocuments.net/reader031/viewer/2022022003/5a9e0e747f8b9a29228cfb41/html5/thumbnails/29.jpg)
To record this transaction in QB receive payment against the customers account. Customers: Receive Payments
© 2012 Educating Bookkeepers for Business, Inc.
![Page 30: Chapter 2: Debits and Credits (PDF) - KnowledgeVisionstatic.knowledgevision.com/account/ebb/assets/attachment/Chapter_2... · Debits and Credits Every transaction (sentence in the](https://reader031.fdocuments.net/reader031/viewer/2022022003/5a9e0e747f8b9a29228cfb41/html5/thumbnails/30.jpg)
Make the deposit.
debit increases your bank account (current asset) balance credit decreases your undeposited funds balance
© 2012 Educating Bookkeepers for Business, Inc.
![Page 31: Chapter 2: Debits and Credits (PDF) - KnowledgeVisionstatic.knowledgevision.com/account/ebb/assets/attachment/Chapter_2... · Debits and Credits Every transaction (sentence in the](https://reader031.fdocuments.net/reader031/viewer/2022022003/5a9e0e747f8b9a29228cfb41/html5/thumbnails/31.jpg)
Select the payment for deposit. Banking: Make Deposits
Unchecked amounts are undeposited funds (cash in transit).
© 2012 Educating Bookkeepers for Business, Inc.
![Page 32: Chapter 2: Debits and Credits (PDF) - KnowledgeVisionstatic.knowledgevision.com/account/ebb/assets/attachment/Chapter_2... · Debits and Credits Every transaction (sentence in the](https://reader031.fdocuments.net/reader031/viewer/2022022003/5a9e0e747f8b9a29228cfb41/html5/thumbnails/32.jpg)
Make the deposit. Banking: Make Deposits
© 2012 Educating Bookkeepers for Business, Inc.
![Page 33: Chapter 2: Debits and Credits (PDF) - KnowledgeVisionstatic.knowledgevision.com/account/ebb/assets/attachment/Chapter_2... · Debits and Credits Every transaction (sentence in the](https://reader031.fdocuments.net/reader031/viewer/2022022003/5a9e0e747f8b9a29228cfb41/html5/thumbnails/33.jpg)
• current asset
• does not become cost of goods sold until you take it off the shelves (out of inventory) and sell it to a customer
Inventory
© 2012 Educating Bookkeepers for Business, Inc.
![Page 34: Chapter 2: Debits and Credits (PDF) - KnowledgeVisionstatic.knowledgevision.com/account/ebb/assets/attachment/Chapter_2... · Debits and Credits Every transaction (sentence in the](https://reader031.fdocuments.net/reader031/viewer/2022022003/5a9e0e747f8b9a29228cfb41/html5/thumbnails/34.jpg)
• LIFO (last in first out): last unit purchased (added to inventory) is the first unit sold (to become COGS)
• FIFO (first in first out): first unit purchased (added to inventory) is first the unit sold (to become COGS)
• Average Cost: computed by dividing the total cost of units available for sale by the total number of units available for sale
• Standard Cost: the cost of a unit is set, any variance
from the set price is accrued (accumulated) in a variance account
Valuing Inventory:
© 2012 Educating Bookkeepers for Business, Inc.
![Page 35: Chapter 2: Debits and Credits (PDF) - KnowledgeVisionstatic.knowledgevision.com/account/ebb/assets/attachment/Chapter_2... · Debits and Credits Every transaction (sentence in the](https://reader031.fdocuments.net/reader031/viewer/2022022003/5a9e0e747f8b9a29228cfb41/html5/thumbnails/35.jpg)
• average cost of an item is the total cost of items currently in stock divided by the number of units of the item in stock
• recalculated every time more units of the item are purchased
• adds the cost of the new items to the cost of the old stock and then divides by the total number of new and old items
QuickBooks Average Cost Calculation:
FIFO: Enterprise Solutions Advanced Inventory
© 2012 Educating Bookkeepers for Business, Inc.
![Page 36: Chapter 2: Debits and Credits (PDF) - KnowledgeVisionstatic.knowledgevision.com/account/ebb/assets/attachment/Chapter_2... · Debits and Credits Every transaction (sentence in the](https://reader031.fdocuments.net/reader031/viewer/2022022003/5a9e0e747f8b9a29228cfb41/html5/thumbnails/36.jpg)
Quick Cost of Goods Sold calculation.
Beginning Inventory + Net Purchases = Cost of Goods Available for Sale - Ending Inventory = Cost of Goods Sold
© 2012 Educating Bookkeepers for Business, Inc.
![Page 37: Chapter 2: Debits and Credits (PDF) - KnowledgeVisionstatic.knowledgevision.com/account/ebb/assets/attachment/Chapter_2... · Debits and Credits Every transaction (sentence in the](https://reader031.fdocuments.net/reader031/viewer/2022022003/5a9e0e747f8b9a29228cfb41/html5/thumbnails/37.jpg)
• freight in (FOB – freight or free on board – shipping point): buyer pays
• freight out (FOB – freight or free on board – destination point): seller pays
Freight: Cost of Goods Sold
© 2012 Educating Bookkeepers for Business, Inc.
![Page 38: Chapter 2: Debits and Credits (PDF) - KnowledgeVisionstatic.knowledgevision.com/account/ebb/assets/attachment/Chapter_2... · Debits and Credits Every transaction (sentence in the](https://reader031.fdocuments.net/reader031/viewer/2022022003/5a9e0e747f8b9a29228cfb41/html5/thumbnails/38.jpg)
Enter the parts bill from your vendor.
debit increases your inventory (current asset) balance credit increases your accounts payable balance
© 2012 Educating Bookkeepers for Business, Inc.
![Page 39: Chapter 2: Debits and Credits (PDF) - KnowledgeVisionstatic.knowledgevision.com/account/ebb/assets/attachment/Chapter_2... · Debits and Credits Every transaction (sentence in the](https://reader031.fdocuments.net/reader031/viewer/2022022003/5a9e0e747f8b9a29228cfb41/html5/thumbnails/39.jpg)
To record this transaction in QB enter a bill. Vendors: Enter Bills
© 2012 Educating Bookkeepers for Business, Inc.
![Page 40: Chapter 2: Debits and Credits (PDF) - KnowledgeVisionstatic.knowledgevision.com/account/ebb/assets/attachment/Chapter_2... · Debits and Credits Every transaction (sentence in the](https://reader031.fdocuments.net/reader031/viewer/2022022003/5a9e0e747f8b9a29228cfb41/html5/thumbnails/40.jpg)
Inventory becomes Cost of Goods Sold when it is used on a job or sold to a customer.
debit increases your cost of goods sold balance credit decreases your inventory (current asset) balance
© 2012 Educating Bookkeepers for Business, Inc.
![Page 41: Chapter 2: Debits and Credits (PDF) - KnowledgeVisionstatic.knowledgevision.com/account/ebb/assets/attachment/Chapter_2... · Debits and Credits Every transaction (sentence in the](https://reader031.fdocuments.net/reader031/viewer/2022022003/5a9e0e747f8b9a29228cfb41/html5/thumbnails/41.jpg)
Selling inventory generates income.
debit increases your undeposited funds or A/R balance credit increases your materials income balance
© 2012 Educating Bookkeepers for Business, Inc.
![Page 42: Chapter 2: Debits and Credits (PDF) - KnowledgeVisionstatic.knowledgevision.com/account/ebb/assets/attachment/Chapter_2... · Debits and Credits Every transaction (sentence in the](https://reader031.fdocuments.net/reader031/viewer/2022022003/5a9e0e747f8b9a29228cfb41/html5/thumbnails/42.jpg)
Sell parts to a customer at the point of sale.
debit increases your undeposited funds balance credit increases your materials income account balance
© 2012 Educating Bookkeepers for Business, Inc.
![Page 43: Chapter 2: Debits and Credits (PDF) - KnowledgeVisionstatic.knowledgevision.com/account/ebb/assets/attachment/Chapter_2... · Debits and Credits Every transaction (sentence in the](https://reader031.fdocuments.net/reader031/viewer/2022022003/5a9e0e747f8b9a29228cfb41/html5/thumbnails/43.jpg)
To record this transaction in QB enter a sales receipt. Customers: Enter Sales Receipts
© 2012 Educating Bookkeepers for Business, Inc.
![Page 44: Chapter 2: Debits and Credits (PDF) - KnowledgeVisionstatic.knowledgevision.com/account/ebb/assets/attachment/Chapter_2... · Debits and Credits Every transaction (sentence in the](https://reader031.fdocuments.net/reader031/viewer/2022022003/5a9e0e747f8b9a29228cfb41/html5/thumbnails/44.jpg)
Use parts on a job.
debit increases your accounts receivable balance credit increases your materials income account balance
© 2012 Educating Bookkeepers for Business, Inc.
![Page 45: Chapter 2: Debits and Credits (PDF) - KnowledgeVisionstatic.knowledgevision.com/account/ebb/assets/attachment/Chapter_2... · Debits and Credits Every transaction (sentence in the](https://reader031.fdocuments.net/reader031/viewer/2022022003/5a9e0e747f8b9a29228cfb41/html5/thumbnails/45.jpg)
To record this transaction in QB create an invoice. Customers: Create Invoices
© 2012 Educating Bookkeepers for Business, Inc.
![Page 46: Chapter 2: Debits and Credits (PDF) - KnowledgeVisionstatic.knowledgevision.com/account/ebb/assets/attachment/Chapter_2... · Debits and Credits Every transaction (sentence in the](https://reader031.fdocuments.net/reader031/viewer/2022022003/5a9e0e747f8b9a29228cfb41/html5/thumbnails/46.jpg)
Now that you’ve gotten the idea. Practice working through some transactions on your own. Download the assignment and answer key PDF.
© 2012 Educating Bookkeepers for Business, Inc.