A purchase of an asset on account

While packing for vacation, you have 10 shirts to choose from. In how many different ways can you select 4 of the shirts to stuff into your suitcase?

An increase or decrease in any asset, liability, owner’s equity, revenue, or expense is always accompanied by an offsetting change within the basic accounting elements.

If services for the month total $3,300 in cash and $700 on account, Accounts Receivable increases $700.

Expense accounts normally have debit balances.

Liabilities represent an “inside” interest in a business.

Creditors need detailed measures of business performance.

What percent of employees’ weekly salaries are higher than $500?

Use the z-table to find the area to the right of z = 1.96.

The trial balance is used in preparing financial statements.