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Concept explainers
Owner’s Investment: Owner’s investment refer to the investment of cash in the business by the owner of the organization. Owner’s investment increases the balance of owner’s equity.
Owner’s Drawings: Owner’s drawings refer to the withdrawal of cash invested in the business of the personal use by the owner of business. Owner’s drawings decrease the balance of owner’s equity.
Revenues: Revenues refer to that amount which is earned by rendering services or by selling the goods to the customers after deducting the amounts of discounts and returns.
Expenses: Expenses refer to that amount of costs which is incurred by an organization in order to run the business.
To Determine: Whether the given transactions will increase, decrease or have no effect on asset, liability and part of owner’s equity.
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Chapter 1 Solutions
EBK ACCOUNTING PRINCIPLES
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
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