Assets represent items that a business owes to creditors.

If Assets equal $5,000 and Liabilities equal $2000 what is the balance of Owner’s Equity?

A list of the accounts in the ledger is called the chart of accounts.

When journalizing a transaction, credits and debits do not have to equal.

The area of accounting that provides external users with information is called:

Including the date of the transaction is required when journalizing.

GAAP stands for Generally Aligned Accounting Partners.

In the space provided, type the accounting equation:

When journalizing a transaction, credits are written first and debits are written second and indented.

Which of the following accounts is increased by a debit.