The owner's claim on a company's as
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Identify the item that best completes each of the descriptions below.
a. A(n)
b. A(n)
c. A(n)
d.
is a record of accounts and their balances.
is a record of increases and decreases in a specific asset, liability, equity, revenue, or expense item.
is a resource owned or controlled by a company.
are held by a seller and are promises of payment from customers to the seller.
e. The owner's claim on a company's assets is called
account
asset
equity
liability
three
ledger
creditors
accounts receivable
asset
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