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Unformatted text preview: Accounts 1. Assets-Accounts Receivable (outstanding checks)-Cash-Inventory/Equipment 2. Liabilities-Accounts Payable-Notes Payable-Wages Payable-Unearned Revenue 3. Owner’s Equity-Paid in Capital-Revenue (service revenue, sales revenue)-Expenses (rent expenses, utility expenses)-Dividends Double Entry Accounting-In every business transaction, you give something and you receive something. NOTE: See “T” chart in notebook dealing with debit and credit transactions. 2 Golden Rule #1 Assets = Liabilities + Owner’s Equity Golden Rule #2 Debits = Credits...
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- Fall '08
- Accounting, Time Period, Double-entry bookkeeping system, business transaction, Owner’s Equity, (outstanding checks)