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10 Cards in this Set
- Front
- Back
- 3rd side (hint)
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The assets and liabilities of a company are $128,000 and $84,000 respectively. Stockholders' equity should equal:
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$44,000
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Assets= Liabilities + Stockholders' Equity
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In which of the following accounts are decreases recorded by credits?
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Credits= Liabilities, Equity, Revenue Debits= Assets and Expenses |
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All of the following accounts are increased with a debit except:
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Unearned Revenues
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Prepaid advertising, representing payment for the next quarter, would be reported on the balance sheet as a(n)
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Asset
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Term applied to the excess of net revenue from sales over cost merchandise sold
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Gross Profit
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