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Submitted by mikeg29907 on Wed, 2017-01-11 11:52
due on Sun, 2017-01-15 01:00
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Discussion and Reply to a Statement

Reply to discussion and statement

Discussion

  • In your own words, explain the recording process and the accounting equation to someone who has no accounting experience.
  • Then, give your opinion on the elements or areas that might cause the most confusion or be the most difficult to grasp.
  • Provide support for your conclusion.

Statement

  • In your own words, explain the recording process and the accounting equation to someone who has no accounting experience.
  • Then, give your opinion on the elements or areas that might cause the most confusion or be the most difficult to grasp.
  • Provide support for your conclusion.



The recording process is when you record all funds coming in and going out. It's an account of what has been paid, what need to get paid and how it's paid. It's similar to a bank account. You have money in your account but yet you need to pay bills, that's where the bank account ledger comes in.

The accounting equation is Assets=liabilities +equity. When I bought my house (asset), I borrow from my 401k (equity) for the down payment  to get the loan for the mortgage (liability).

To me, the accounting equation is more confusion. I understand the assets, liability and equity but it seem to difficult to break it down in that manner when I think it's easier to just record what I have and what I spent and keep track like that.

Answer
Submitted by Jeffmoh on Sat, 2017-01-14 10:12
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Professor

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xxxxx to Discussion and xxxxxxxxx

xxxxx xx Discussion

The recording process aims at xxxxxxxx revenues and expenditures. For xxxxxxxxx xx xxx buy a chair xxx xxxxxxx you would debit record its value in xxxx ledger accounts. xx xxx xxxxx xxxxx the xxxxxx of money xxxx xx pay xxx xxx chair is credited on xxx xxxxxx book. xxxx means xxxx xxx will xxxx xxx xxxxxxx xx xxxx books of xxxxxxxxx xxx on xxx xxxxxx and the other xx the xxxxx side. xxx accounting xxxxxxxx xxx assets = equity x xxxxxxxxxxxx xxxxxx xx the xxxxx’s xxxxxxxxxx into the xxxxxxxxx In xxxxx xxxxxx xx xx the xxxxx xxx into xxx business by the xxxxx in order to start the business. Liabilities refers to xxxx is xxxxxxxx by the xxxxx xx order to xxxxx xxx xxxxxxxxx Assets xxxxxxxxxxx xx xxx owner’x contribution and xxxx xxxxxx xxxxxxx xx start a business.

xx my xxxxxxxx xxx concept xx debit xxx credit can cause the xxxx xxxxxxxxx xx be the xxxx difficult to xxxxxx xxx confusion comes

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