Century 21 Accounting General Journal
11th Edition
ISBN: 9781337680059
Author: Gilbertson
Publisher: Cengage
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What is the relationship between the revenue and expense accounts and the owners equity account?
How does receiving a payment from a customer on account affect the accounting equation?
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- What is the effect on the fundamental accounting equation if supplies are purchased on account? How will the fundamental accounting equation change if supplies are purchased with cash? Explain how this purchase will or will not change the owners equity.arrow_forwardWhat does owners equity mean for the owner?arrow_forwardWhat do we mean when we say that capital, drawing, revenue, and expense accounts are under the umbrella of owners equity?arrow_forward
- An account that has unearned in its name is classified as what type of account? a. Asset b. Liability c. Revenue d. Owners equity e. Expensearrow_forwardExplain how the following items affect equity: revenue, expenses, investments by owners, and distributions to owners.arrow_forwardWhat are the effects of the following transactions on the accounting equation? Indicate an increase (+) or decrease () under the affected asset, liability, and owners equity headings.arrow_forward
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