The Accounting Equation

(A L O E)

Owners
Assets = Liabilities +
Equity
Cash Accounts Payable Sales Revenue

Accounts Receivable Notes Payable Service Revenue

Supplies Salaries Payable Rent Expense

Prepaid Insurance Unearned Revenue Utilities Expense

Inventory Mortgage Payable Telephone Expense

Building Taxes Payable Owners Withdrawal (Owners Drawing)

Land Loan Payable Owners Capital (Owners Contribution)

Equipment Wages Payable (Salaries Payable) Advertising Expense

Furniture Professional Fee’s Expense

Automobile Wages Expense (Salaries Expense)

Patents Cost of Goods Sold (Expense)

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