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Unformatted text preview: . First, she must identify the revenues
earned and the expenses incurred during the year. What are revenues and
Revenues increase owners’ equity by delivering goods or services to customers.
Expenses decrease owners’ equity by using up assets or increasing liabilities in order to
deliver goods or services to customers. S1-3 Applying accounting concepts and principles (Obj. 2)
Suppose you are starting a business, T-Shirts Plus, to imprint logos on T-shirts. In
organising the business and setting up its accounting records, consider the
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