TheAccountAssets are the economic resources thatbenefit the business now and in the futureCashLandBuildingsAccounts receivableInventoryEquipmentfurniture,Notes receivablePrepaid expensesandfixtures
The Account Assets are the economic resources that benefit the business now and in the future Cash Accounts receivable Inventory Notes receivable Prepaid expenses Land Buildings Equipment, furniture, and fixtures
TheAccountLiabilities are the debts of the companyNotes payableAccounts payableAccrued liabilities(for expenses incurred but not paid)Long-term liabilities (bonds)
The Account Liabilities are the debts of the company. Notes payable Accounts payable Accrued liabilities (for expenses incurred but not paid) Long-term liabilities (bonds)
TheAccountStockholders'(owners)eguity is theowners'claims to the assets of a corporationA proprietorship uses a single account.A partnership uses separate accounts for eachowner's capital balance and withdrawalsA corporation uses separate capitalaccounts for each source of capital
The Account Stockholders’ (owners’) equity is the owners’ claims to the assets of a corporation. A proprietorship uses a single account. A partnership uses separate accounts for each owner’s capital balance and withdrawals. A corporation uses separate capital accounts for each source of capital
Account in Four-Column FormatAccount:CashAccountNo.101BalanceDateItemDebitDebitCreditCredit20x1250,00050,000April310,00040,000
Ledger- A 9keptgroup of relatedaccountsrecords in a systematic mannerGeneral ledger- The collectionn ofaccountsthat accumulates the amountss reported inthemajorfinancialstatementsT-Account-Simplifiedofledgerversion福that takes the form of the capitalaccountsletter T
Ledger– A group of related accounts kept records in a systematic manner. General ledger– The collection of accounts that accumulates the amounts reported in the major financial statements. T-Account—Simplified version of ledger accounts that takes the form of the capital letter T