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Accounting

Chapter 1-3

QuestionAnswer
Revenue An increase in owner's equity resulting from the operations of a business
Expense A decrease in owner's equity resulting from the operation of a business
Withdrawals Assets taken out of the business for the owner's personal use
How is owner's equity affected if cash is received for sales? Increased
How is owner's equity affected if services are sold on account? Increased
How is owner's equity affected if cash is paid for expenses? Decreased
Created by: lbeddow
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