Accounting 1 - Chapters 1-3 Terms

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Across
  1. 1. anything of value that is owned
  2. 3. shows the relationship between assets, liabilities and owner's equity
  3. 5. business activity that changes assets, liabilities or owner's equity
  4. 9. an amount owed
  5. 10. amounts to be received in the future due to sale of goods or services
  6. 13. the graphical representation of a general ledger that records a business' transactions.
  7. 14. An amount recorded on the left side
Down
  1. 1. a record that summarizes all transactions pertaining to a single item
  2. 2. amounts to be paid in the future for goods already acquired
  3. 4. the side of an account (debit or credit) that increases in value
  4. 6. used to summarize the owner's equity in a business
  5. 7. when a business owner removes cash from the business for personal use
  6. 8. cost of goods or services used to operate a business
  7. 11. An amount recorded on the right side.
  8. 12. sales of a business