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Part: I Financial Statements and Stateme... > Summarizing Transactions: From the J...

Chapter 4. Summarizing Transactions: From the Journals to the Balance Sheet

Chapter 3, “Valuing Inventories for the Balance Sheet,” covered the topic of inventory valuation in detail. The various methods discussed there are needed to properly complete the current assets section of the Balance Sheet. This chapter focuses on recording transactions in journals, cataloging transactions in ledgers, and summarizing the information in the Balance Sheet.

To review the basic structure of the Balance Sheet:


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