ACG 11.docx - ACG Netsolutions A(Assets L(Liabilities...

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ACG 11/06/2017 Netsolutions: A (Assets) – L (Liabilities) + OE (Owner & Equity) Cash + A/R + Supplies + Prepaids + PPE = A/P + (revenue + expense + c/s + diuidenos?) (a) 25,000 25,000 (b) -20,000 Both sides must be balanced 11/08/2017: Lab course Normal Debit Account to increase: assets, cash A.R. Supplies Normal Credit Account to increase: liabilities notes payable unnamed revenue Liability – something that you owe Expense – something that you owe in a shorter period of time

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