23 the account used to record amounts that are owed for goods or services purchased 4301852
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.