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Additionally, this paper differentiates and explains information reported on the balance sheet and the income statement as a result of the transactions. Finally, this paper identifies and describes three accounting concepts which were a challenge while running the simulation.
During the simulation preliminary transactions were conducted for business set-up resulting in entries to the balance sheet. Starting in December however, $10,000 in supplies was used in the form of an operating expense to generate $21,000 in revenue. This cash transaction demonstrated the concept of matching revenue and expense by producing a net gain which was reported on the income statement as net income of $11,000...
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