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  1. SpringChickens

    Anyone here good at accounting? I can't figure out this assignment...

    Oh! Also, I saw that your assets should be 460 - not 440 (if my math is correct...)
  2. SpringChickens

    Anyone here good at accounting? I can't figure out this assignment...

    I think you're getting there. I just think that purchase should be a liability (because you gave someone else money) - so your purchase discounts would be an asset. You have administrative expenses on there twice (once in each column), but it should be a debit. Other than that, it looks good...
  3. SpringChickens

    Anyone here good at accounting? I can't figure out this assignment...

    You can think of credit and debit this way; credit is an asset - any time people are GIVING you money or saving you money, it is a credit. Debit is a DEBT- this is when you are giving away your hard earned money. SO, sales income is a credit - people are giving it to you. If your teacher...
  4. SpringChickens

    Anyone here good at accounting? I can't figure out this assignment...

    Your credits should be larger than your debits, otherwise your business is in the hole!! Your gross profit is $440,000 and your net profit is 440,000 MINUS 294,000 = 146,000
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