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financial statements
journal entries
natural balances
100

a financial statement showing that revenue and expenses for a fiscal period 

income statement  

100

A business needs to pay rent. 

this is a _____ and flows through ____

utility expense 

equity 

100
natural balance of asset 

debit 

200

the difference between total revenue and total expenses when the total revenue is greater 

net income 

200

If someone donates $900,000 of equipment to a business in exchange for stock. the accounts that are debited are and the accounts that are credited 

debit to equipment 

credit to common stock 

200

natural balance of liabilities 

credit 
300

reports the financial position at a point in time 

balance sheet 

300

an investor that bought all the equipment wants to receive a dividend of 10,000 dollars cash 

dividends are debited 

cash is credited 

300

natural balance of equity 

which equity accounts have the opposite 

credit 

dividends and expenses 

400

Financial information needed by managers and owners of a business is recorded where 

journal or general ledger 

400
ABC business pays employees on the first tuesday of every month. It is 5/3 and wages are being paid out in checks. what is debited and what is credited 

debit wages payable 

credit cash

400

natural balance of accounts payable 

natural balance of accounts receivable 

credit 

debit 

500
the statement you would use to find how equity is changing during a reporting period for an overall net income or net loss and to see the owner investment and withdraws over a period of time 

statement of retained earnings 

500

to increase wages payable you, 

to increase wages expense you, 

payable = credit 

expense = debit 

500

natural balance of notes payable 

natural balance of notes receivable 

natural balance of expenses 

natural balance of revenues 

credit 

debit 

debit 

credit