In the second step of the accounting cycle, your journal entries get put into the general ledger. Hence, we will not write journal entries for most of the business transactions. It’s journal entry No. 1, the account number is included after the account name, and the office supplies account has been debited and the cash

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Companies may have different strategic plans regarding revenue and retained earnings. Even if there are constraints or limitations to the organization, most companies will attempt to sell as much product as it can to maximize revenue. Shareholder equity is the amount invested in a business by those who hold company shares—shareholders are a public company’s