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Capital The account used to summarize the owner’s equality in a business. Revenue 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. Expense A decrease in owner’s equity.

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Capital

The account used to summarize the owner’s equality in a business.

Revenue

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.

Expense

A decrease in owner’s equity.

Withdrawls

Assets taken out of business from owner’s personal use.

Cash in the Bank

Asset Account

Withdrawal

Capital Account

Accounts payable

Amounts to be paid in the future for goods or services already acquired.

Accounts receivable

Amounts to be received in the future due to the sale of goods or services.

Chart of accounts

A list of accounts used by a business.

Normal balance

The side of the account that is increased.

 
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