23. The account used to record amounts that are owed for goods or services purchased on credit are known as ___________________. 
 

24. The property that a business owns is referred to as its ___________________. 
 

25. The debts or obligations of a business are known as its ___________________. 
 

26. The financial interest of the owner in a business is called owner's equity, or ___________________. 
 

27. The ____________________ is the financial report that shows the assets, liabilities, and owner's equity of a business on a specific date. 
 

28. When a business sells services for cash, assets increase and revenue ___________________. 
 

29. The account used to record amounts that will be collected from charge account customers in the future are referred to as ___________________. 
 

30. If assets are $17,000 and owner's equity is $10,000, liabilities are ___________________. 
 

31. When a business pays cash for salaries, assets decrease and expenses ___________________. 
 

32. Funds taken from the business by the owner for personal use are called ___________________. 
 

33. The income statement shows revenue, ___________________, and net income or net loss for a period of time. 
 

34. When revenue is greater than expenses, the result is a net ___________________. 
 

35. When revenue and expenses are equal, the firm is said to ___________________. 
 

36. The three-line heading of a financial statement shows who, what, and ___________________. 
 

37. The statement of ____________________ reports the changes that have occurred in the owner's financial interest during the reporting period.