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Rice Acctg Ch1 Set4
Maplewood Rice Acctg Ch 1 Set 4
|The account used to summarize the owner’s equity in a business.
|An increase in owner’s equity resulting from the operation of a business.
|Sale on Account
|A sale for which cash will be received at a later date. (charge sale)
|A decrease in owner’s equity resulting from the operation of a business is called an expense.
|Assets taken out of a business for the owner’s personal use.