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Assets taken out of a business for the Owner’s personal use are called
Transaction
Totals
Fiscal Period
An Expense
A check
Revenue – expenses = net income
Withdrawals
Assets increase; assets decrease
A business form ordering a bank to pay cash from a bank account is called
Transaction
Totals
Fiscal Period
An Expense
A check
Revenue – expenses = net income
Withdrawals
Assets increase; assets decrease
The length of time for which a business summarizes and reports financial information.
Transaction
Totals
Fiscal Period
An Expense
A check
Revenue – expenses = net income
Withdrawals
Assets increase; assets decrease
A business activity that changes assets, liabilities, or owner’s equity
Transaction
Totals
Fiscal Period
An Expense
A check
Revenue – expenses = net income
Withdrawals
Assets increase; assets decrease
A decrease in Owner’s Equity resulting from the operation of a business is called
Transaction
Totals
Fiscal Period
An Expense
A check
Revenue – expenses = net income
Withdrawals
Assets increase; assets decrease
When cash is paid for supplies
Transaction
Totals
Fiscal Period
An Expense
A check
Revenue – expenses = net income
Withdrawals
Assets increase; assets decrease
A double ruled line indicates
Transaction
Totals
Fiscal Period
An Expense
A check
Revenue – expenses = net income
Withdrawals
Assets increase; assets decrease
The formula for calculating net income
Transaction
Totals
Fiscal Period
An Expense
A check
Revenue – expenses = net income
Withdrawals
Assets increase; assets decrease
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