3-1

Chapter
THE ACCOUNTING
3 CYCLE: CAPTURING
ECONOMIC EVENTS

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2005

 3-2

The
The Role
Role of
of Accounting
Accounting Records
Records
Establishes
Establishesaccountability
accountabilityfor
for
assets
assetsand
andtransactions.
transactions.

Keeps
Keepstrack
trackof
of routine
routine
business
businessactivities.
activities.

Obtains
Obtainsdetailed
detailedinformation
information
about
about aaparticular
particular transaction.
transaction.

Evaluates
Evaluatesefficiency
efficiencyand
and
performance
performancewithin
withincompany.
company.

Maintains
Maintainsevidence
evidenceof
ofaa
company’s
company’sbusiness
businessactivities.
activities.
McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2005
 3-3

The
The Ledger
Ledger

Accounts
Accounts are
are
Cash individual
individual records
records
showing
showing increases
increases
Accounts
and
and decreases.
decreases.
Payable
The
The entire
entire group
group of
of
Capital accounts
accounts is is kept
kept
Stock together
together in in an
an
accounting
accounting record
record
called
called aa ledger.
ledger.
McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2005
 3-4

The
The Use
Use of
of Accounts
Accounts

Increases are
recorded on one Title of the Account
side of the T- Left Right
account, and or or
decreases are Debit Credit
Side Side
recorded on the
other side.

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2005

 3-5

Let’s
Let’s see
see how
how
debits
debits and
and credits
credits
are
are recorded
recorded inin the
the
Cash
Cash account
account for
for
JJ’s
JJ’s Lawn
Lawn Care
Care
Service.
Service.

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2005

 3-6

Debit
Debit and
and Credit
Credit Entries
Entries
Cash
Cash
Receipts
5/1
5/1 8,000
8,000 5/2
5/2 2,500
2,500 Payments
are on 5/25
5/25 75
75 5/8
5/8 2,000
2,000 are on the
the debit 5/29 750
side.
5/29 750 5/28
5/28 150
150 credit
side.
5/31
5/31 50
50
5/31
5/31 4,125
4,125 The
Thebalance
balance is
isthe
the
Bal.
Bal. difference
differencebetween
between
the
thedebit
debitand
andcredit
credit
entries
entriesin
inthe
the
account.
account.
McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2005
 3-7

Debit
Debit and
and Credit
Credit Rules
Rules
Debits
Debits and
and credits
credits affect
affect accounts
accounts as
as follows:
follows:

A = L + OE
ASSETS LIABILITIES EQUITIES
Debit Credit Debit Credit Debit Credit
for for for for for for
Increase Decrease Decrease Increase Decrease Increase

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2005

 3-8

Double
Double Entry
Entry AccountingThe
AccountingThe Equality
Equality of
of
Debits
Debits and
and Credits
Credits

A = L + OE
=
Debit Credit
balances balances

In
In the
the double-entry
double-entry accounting
accounting system,
system,
every
every transaction
transaction is
is recorded
recorded by
by equal
equal
dollar
dollar amounts
amounts of
of debits
debits and
and credits.
credits.
McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2005
 3-9

Let’s record
selected
transactions for
JJ’s Lawn Care
Service in the
accounts.

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2005

 
3-10

 May
May 1:
1: Jill
Jill Jones
Jones and
and her
her family
family invested
invested $8,000
$8,000
in
in JJ’s
JJ’s Lawn
Lawn Care
Care Service
Service and
and received
received 800
800 shares
shares
of
of stock.
stock.

Will Capital Stock

Will Cash increase
increase or
or decrease?
decrease?

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2005

 
3-11

 May
May 1:
1: Jill
Jill Jones
Jones and
and her
her family
family invested
invested $8,000
$8,000
in
in JJ’s
JJ’s Lawn
Lawn Care
Care Service
Service and
and received
received 800
800 shares
shares
of
of stock.
stock.

Capital Stock
Cash increases
increases $8,000
$8,000 with a debit.
with a credit.

Cash Capital Stock

5/1 8,000 5/1 8,000

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2005

 
 May
May 2:
2: JJ’s
JJ’s purchased
purchased aa riding
riding lawn
lawn mower
mower
3-12

for
for $2,500
$2,500 cash.
cash.

Will Tools &

Will Cash increase
Equipment increase
or decrease?
or decrease?

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2005

 
 May
May 2:
2: JJ’s
JJ’s purchased
purchased aa riding
riding lawn
lawn mower
mower
3-13

for
for $2,500
$2,500 cash.
cash.

Tools & Equipment

Cash decreases
increases $2,500
$2,500 with a credit.
with a debit.

Cash Tools & Equipment

5/1 8,000 5/2 2,500 5/2 2,500

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2005

 
 May
May 8:
8: JJ’s
JJ’s purchased
purchased aa $15,000
$15,000 truck.
truck. JJ’s
JJ’s
3-14

paid
paid $2,000
$2,000 in
in cash
cash and
and issued
issued aa note
note payable
payable
for
for the
the remaining
remaining $13,000.
$13,000.

Will Cash and

Will Truck increase Notes Payable
or decrease? increase or
decrease?

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2005

 
 May
May 8:
8: JJ’s
JJ’s purchased
purchased aa $15,000
$15,000 truck.
truck. JJ’s
JJ’s
3-15

paid
paid $2,000
$2,000 in
in cash
cash and
and issued
issued aa note
note payable
payable
for
for the
the remaining
remaining $13,000.
$13,000.

Cash decreases
$2,000 with a credit.
Truck increases
Notes Payable
$15,000 with a debit.
increases $13,000
with a credit.
Cash
5/1 8,000 5/2 2,500
Truck
5/8 2,000
5/8 15,000
Notes Payable
5/8 13,000
McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2005
 
 May
May 11:
11: JJ’s
JJ’s purchased
purchased some
some repair
repair parts
parts
3-16

for
for $300
$300 on
on account.
account.

Will Tools & Will Accounts

Equipment increase Payable increase or
or decrease? decrease?

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2005

 
 May
May 11:
11: JJ’s
JJ’s purchased
purchased some
some repair
repair parts
parts
3-17

for
for $300
$300 on
on account.
account.

Tools & Equipment Accounts Payable

increases $300 with increases $300 with
a debit. a credit.

Tools & Equipment Accounts Payable

5/2 2,500 5/11 300
5/11 300

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2005

 
 May
May 18:
18: JJ’s
JJ’s sold
sold half
half of
of the
the repair
repair parts
parts to
to
3-18

ABC
ABC Lawns
Lawns for
for $150,
$150, aa price
price equal
equal to
to JJ’s
JJ’s cost.
cost.
ABC
ABC Lawns
Lawns agrees
agrees to
to pay
pay JJ’s
JJ’s within
within 30
30 days.
days.

Will Tools & Will Accounts

Equipment increase Receivable increase
or decrease? or decrease?

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2005

 
 May
May 18:
18: JJ’s
JJ’s sold
sold half
half of
of the
the repair
repair parts
parts to
to
3-19

ABC
ABC Lawns
Lawns for
for $150,
$150, aa price
price equal
equal to
to JJ’s
JJ’s cost.
cost.
ABC
ABC Lawns
Lawns agrees
agrees to
to pay
pay JJ’s
JJ’s within
within 30
30 days.
days.

Tools & Equipment Accounts Receivable

decreases $150 with increases $150 with
a credit. a debit.

Tools & Equipment Accounts Receivable

5/2 2,500 5/18 150 5/18 150
5/11 300

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2005

 3-20

The
The Journal
Journal

In
In an
an actual
actual accounting
accounting system,
system, transactions
transactions
are
are initially
initially recorded
recorded in
in the
the journal.
journal.

GENERAL JOURNAL
P
Date Account Titles and Explanation R Debit Credit
2005
May 1 Cash 8,000
Capital Stock 8,000
Owners invest cash in the business.
McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2005
 3-21

Posting
Posting Journal
Journal Entries
Entries to
to the
the Ledger
Ledger
Accounts
Accounts

Posting
involves
copying
information
from the
journal to the
ledger
accounts.
McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2005
 3-22

Posting
Posting Journal
Journal Entries
Entries to
to the
the Ledger
Ledger
Accounts
Accounts

GENERAL JOURNAL
P
Date Account Titles and Explanation R Debit Credit
2005
May 1 Cash 8,000
Capital Stock 8,000
General
Owners invest cash Ledger
in the business.
Cash
Date Debit Credit Balance
2005
May 1 8,000 8,000
McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2005
 3-23

Posting
Posting Journal
Journal Entries
Entries to
to the
the Ledger
Ledger
Accounts
Accounts

GENERAL JOURNAL
P
Date Account Titles and Explanation R Debit Credit
2005
May 1 Cash 8,000
Capital Stock 8,000
General
Owners invest cash Ledger
in the business.
Capital Stock
Date Debit Credit Balance
2005
May 1 8,000 8,000
McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2005
 3-24

Posting
Posting Journal
Journal Entries
Entries to
to the
the Ledger
Ledger
Accounts
Accounts

GENERAL JOURNAL
P
Date Account Titles and Explanation R Debit Credit
2005
May 2 Tools & Equipment 2,500
Cash 2,500
Purchased lawn mower.

Let’s
Let’s see
see what
what the
the cash
cash account
account looks
looks like
like after
after
posting
posting the
the cash
cash portion
portion of
of this
this transaction
transaction for
for
JJ’s
JJ’s Lawn
Lawn Care
Care Service.
Service.
McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2005
 3-25

Ledger
Ledger Accounts
Accounts After
After Posting
Posting
General Ledger
Cash
Date Debit Credit Balance
2005
May 1 8,000 8,000
2 2,500 5,500

This
This ledger
ledger format
format is
is referred
referred to
to as
as aa
running
running balance.
balance.

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2005

 3-26

Ledger
Ledger Accounts
Accounts After
After Posting
Posting
General Ledger
Cash
Date Debit Credit Balance
2005
May 1 8,000 8,000
2 2,500 5,500

TT accounts
accounts areare simplified
simplified versions
versions of
of
the
the ledger
ledger account
account that
that only
only show
show the
the
debit
debit and
and credit
credit columns.
columns.
McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2005
 3-27

What
What is
is Net
Net Income?
Income?

Net
Net income
income is
is not
not an asset it’s
an asset it’s an
an increase
increase in
in
owners’
owners’ equity
equity from
from profits
profits of
of the
the business.
business.

A = L + OE
Increase Decrease Increase

Either (or both) of these . . . but this is

effects occur as net income what “net income”
is earned . . . really means.
McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2005
 3-28

Retained
Retained Earnings
Earnings

A = L + OE
Capital Retained
Stock Earnings

The balance in the Retained Earnings account represents

the total net income of the corporation over the entire
lifetime of the business, less all amounts which have
been distributed to the stockholders as dividends.
McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2005
 3-29

The
The Income
Income Statement:
Statement: A
A Preview
Preview
JJ's Lawn Care Service
Income Statement
For the Month Ended May 31, 2005

Sales Revenue $ 750

Operating Expense:
Gasoline Expense 50
Net Income $ 700

The
Theincome
incomestatement
statement summarizes
summarizesthetheprofitability
profitability
of
of aabusiness
businessfor
foraa specified
specifiedperiod
periodof
of time.
time.
McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2005
 3-30

Accounting
Accounting Periods
Periods

Time Period Principle

To provide users of financial
statements with timely
information, net income is
measured for relatively short
accounting periods of equal
length.

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2005

 3-31

Revenue
Revenue and
and Expenses
Expenses
The price for
goods sold
and services Increases
rendered during a owner’s equity.
given accounting
period.

The costs of
goods and Decreases
services used up owner’s equity.
in the process of
earning revenue.
McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2005
 The
The Realization
Realization Principle:
Principle: When
When To
To
3-32

Record
Record Revenue
Revenue

Realization Principle
Revenue should be
recognized at the
time goods are sold
and services are
rendered.

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2005

 The
The Matching
Matching Principle:
Principle: When
When To
To
3-33

Record
Record Expenses
Expenses

Matching Principle
Expenses should be
recorded in the
period in which they
are used up.

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2005

 Debits
Debits and
and Credits
Credits for
for Revenue
Revenue and
and
3-34

Expense
Expense

Expenses EQUITIES Revenues

decrease Debit Credit increase
owner’s for for owner’s
equity. Decrease Increase equity.

EXPENSES REVENUES
Debit Credit Debit Credit
for for for for
Increase Decrease Decrease Increase

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2005

 3-35

Investments
Investments by
by and
and Payments
Payments to
to Owners
Owners
Payments to Owners’
EQUITIES
owners investments
decrease Debit Credit increase
for for
owners’ Decrease Increase owners’
equity. equity.

DIVIDENDS CAPITAL STOCK

Debit Credit Debit Credit
for for for for
Increase Decrease Decrease Increase

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2005

 3-36

Let’s
Let’s analyze
analyze thethe
revenue
revenue and
and
expense
expense
transactions
transactions forfor
JJ’s
JJ’s Lawn
Lawn Care
Care
Service
Service for
for the
the
month
month of
of May.
May.
We
We will
will also
also
analyze
analyze aa dividend
dividend
transaction.
transaction.
McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2005
 
 May
May 29:
29: JJ’s
JJ’s provided
provided lawn
lawn care
care services
services for
for
3-37

aa client
client and
and received
received $750
$750 in
in cash.
cash.

Will Sales Revenue

Will Cash increase
increase or
or decrease?
decrease?

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2005

 
 May
May 29:
29: JJ’s
JJ’s provided
provided lawn
lawn care
care services
services for
for
3-38

aa client
client and
and received
received $750
$750 in
in cash.
cash.

Sales Revenue
Cash increases
increases $750 with
$750 with a debit.
a credit.

Cash Sales Revenue

5/1 8,000 5/2 2,500 5/29 750
5/29 750 5/8 2,000

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2005

 
 May
May 31:
31: JJ’s
JJ’s purchased
purchased gasoline
gasoline for
for the
the lawn
lawn
3-39

mower
mower and
and the
the truck
truck for
for $50
$50 cash.
cash.

Will Gasoline
Will Cash increase
Expense increase or
or decrease?
decrease?

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2005

 
 May
May 31:
31: JJ’s
JJ’s purchased
purchased gasoline
gasoline for
for the
the lawn
lawn
3-40

mower
mower and
and the
the truck
truck for
for $50
$50 cash.
cash.

Gasoline Expense
Cash decreases $50
increases $50 with a
with a credit.
debit.

Cash Gasoline Expense

5/1 8,000 5/2 2,500 5/31 50
5/29 750 5/8 2,000
5/31 50

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2005

 
 May
May 31:
31: JJ’s
JJ’s Lawn
Lawn Care
Care paid
paid Jill
Jill Jones
Jones and
and
3-41

her
her family
family aa $200
$200 dividend.
dividend.

Will Dividends
Will Cash increase
increase or
or decrease?
decrease?

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2005

 
 May
May 31:
31: JJ’s
JJ’s Lawn
Lawn Care
Care paid
paid Jill
Jill Jones
Jones and
and
3-42

her
her family
family aa $200
$200 dividend.
dividend.

Cash decreases Dividends increase

$200 with a credit. $200 with a debit.

Cash Dividends
5/1 8,000 5/2 2,500 5/31 200
5/29 750 5/8 2,000
5/31 50
5/31 200

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2005

 3-43

Now,
Now, let’s
let’s look
look at
at
the
the Trial
Trial Balance
Balance
for
for JJ’s
JJ’s Lawn
Lawn CareCare
Service
Service for
for the
the
month
month ofof May.
May.

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2005

 3-44

All balances
JJ's Lawn Care Service
are taken from
Unadjusted Trial Balance
May 31, 2005
the ledger
Cash $ 3,925 accounts on
Accounts receivable 75 May 31 after
Tools & equipment 2,650 considering all
Truck 15,000 of JJ’s
Notes payable $ 13,000 transactions
Accounts payable 150 for the month.
Capital stock 8,000
Dividends 200 Proves equality
Sales revenue 750 of debits and
Gasoline expense 50 credits.
Total $ 21,900 $ 21,900
McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2005
 The Accounting Cycle
3-45

Make end-of-
Journalize year
Post entries to Prepare trial
transactions. adjustments.
the ledger balance.
accounts.

Prepare after-closing Journalize and Prepare Prepare adjusted

trial balance. post closing financial trial balance.
McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2005
entries. statements.
 3-46

Exercise
Exercise 3.4
3.4
Record the following selected transactions in general journal form for Sun Orthopedic
Clinic, Inc. Include a brief explanation of the transaction as part of each journal entry.

Oct. 1 The clinic issued 4,000 additional shares of capital stock to Doctor Soges at $50
per share.
Oct. 4 The clinic purchased diagnostic equipment. The equipment cost $75,000, of which
$25,000 was paid in cash; a note payable was issued for the balance.
Oct. 12 Issued a check for $9,000 in full payment of an account payable to Zeller
Laboratories.
Oct. 19 Purchased surgical supplies for $2,600. Payment is not due until November 28.
Oct. 25 Collected a $24,000 account receivable from Health One Insurance Company.
Oct. 30 Declared and paid a $300,000 cash dividend to stockholders.

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2005

 3-47

Exercise
Exercise 3.7
3.7

The following information came from a recent balance sheet of Apple Computer, Inc.:

End of Year Beginning of Year

Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $6.3 billion $6.0 billion
Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2.2 billion ?
Owners’ Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ? $3.9 billion

a)Determine the amount of total liabilities reported in Apple Computer ’s balance sheet at
the beginning of the year.
b)Determine the amount of total owners’ equity reported in Apple Computer ’s balance
sheet at the end of the year.
c)Capital stock reported in Apple Computer’s year-end balance sheet was $135 million
more than the amount reported in the company’s beginning balance sheet. If the company
did not declare any dividends, determine its net income for the year.

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2005

 3-48

Exercise
Exercise 3.12
3.12
Shown below are selected transactions of the architectural firms of Baxter, Claxter and
Stone, Inc.

April 5 Prepared building plans for Spangler Construction Company. Sent Spangler an
invoice for $900 requesting payment within 30 days. (The appropriate revenue account is
entitled Drafting Fee Earned).
May 17 Declared a cash dividend of $5,000. The dividend will not be paid until June 25.
May 29 Received a $2,000 bill from Bo Needham, CPA for accounting services
performed during May. Payment is due by June 10. (The appropriate expense account is
entitled Professional Expenses).
June 4 Received full payment from Spangler Construction Company for the invoice sent
on April 5.
June 10 Paid Bob Needham, CPA for the bill received on May 29
June 25 Paid the cash dividend declared on May 17.

Required: Prepared journal entries to record the transactions in the firm’s accounting
records.

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2005

 3-49

Exercise
Exercise 3.13
3.13
The company engaged in following transactions during its first month of operations:
July 18 Issued 500 shares of capital stock to Patrick Donegan for Rs.1,500.
July 22 Purchased office supplies on account for Rs.100.
July 23 Purchased mowing equipment for Rs.2,000 paying Rs.400 cash and issuing a 60-
day note payable for the remaining balance.
July 24 Paid Rs.25 cash for gasoline. All of this fuel will be used in July.
July 25 Billed Lost Creek Cemetery Rs150 for mowing services. The entire amount is
due July 31.
July 26 Billed Golf View Condominium Rs.200 for mowing services. The entire amount
is due August 1.
July 30 Collected Rs.150 from Lost Creek Cemetery for mowing services provided on
July 25.
June 31 Paid Rs.80 salary to employee Teddy Grimm fro work performed in July.
a.Record each of the above transactions in general journal form. Include a brief
explanation of transaction as part of each journal entry.
b.Post each entry to appropriate ledger accounts.
c.Prepare a trial balance dated July 31, 2005.
McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2005
 3-50

Problem
Problem 3.5
3.5
Dr. Schekter, DVM, opened a veterinary clinic on May 1, 2005. The business transaction for May are
shown below:
May 1 Dr. Schekter invested Rs.400,000 cash in the business in exchange for 5,000 shares of capital
stock.
May 4 Land and a building were purchased for Rs.250,000. Of this amount, Rs.70,000 applied to land
and Rs.180,000 to the building. A cash payment of Rs.100,000 was made at the time of purchase and a
note payable was issued for the remaining balance.
May 9 Medical instruments were purchased for Rs.130,000 cash.
May 16 Office fixtures and equipment were purchased for Rs.50,000. Dr. Schekter paid Rs.20,000 at
the time of purchase and agreed to pay the entire remaining balance in 15 days May 21 Office supplies
expected to last several months were purchased for Rs.5,000 cash
May 24 Dr. Schekter billed clients Rs2,200 for services rendered. Of this amount, Rs.1,900 was
received in cash and Rs.300 was billed on account (due in 30 days).
May 27 A Rs.400 invoice was received for several radio advertisements aired in May. The entire
amount is due on June 5
May 28 Received a Rs.100 payment on the Rs.300 accounts receivable recorded May 25.
May 31 Paid employees Rs.2,800 for salaries earned in May.

a)Prepare journal entries.

b)Post each transaction to the appropriate ledger accounts (use T account format)
c)Prepare a trial balance dated May 31, 2005. © The McGraw-Hill Companies, Inc., 2005
McGraw-Hill/Irwin
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of Chapter
Chapter 33

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2005