Accounting 1/2 - Chapter 3 Vocab Puzzle

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Across
  1. 1. Income earned from the sale of goods or services.
  2. 4. To obtain or come into control of something.
  3. 7. A business or person to whom money is owed.
  4. 8. A subdivision under assets, liabilities, or owner's equity that summarizes the changes and shows the balance for a specific item.
  5. 14. To produce, make or cause.
  6. 15. The total financial claims to the assets of a business.
  7. 16. An economic event that causes a change - either an increase or a decrease - in assets, liabilities, or owner's equity.
  8. 18. Amounts owed to creditors; the claims of creditors to the assets of a business.
  9. 19. The purchase of an item on credit.
  10. 22. To move something from one person or place to another.
  11. 23. Legal right to an item.
  12. 24. Money or other property provided for the purpose of making a profit.
Down
  1. 2. The cost of goods or services used to operate a business.
  2. 3. The amount of money owed to a business by its credit customers.
  3. 5. Anything of value that a business or person owns and therefore controls.
  4. 6. The accounting relationship between assets and the two types of equities. Assets = Liabilities + Owner's Equity
  5. 9. Finally, at last; in the end.
  6. 10. An agreement to pay for a purchase at a later time; an entry on the right side of an account.
  7. 11. The removal of cash or another asset from the business by the owner for personal use.
  8. 12. The amount of money owed, or payable, to the creditors of a business.
  9. 13. Property or items of value owned by a business.
  10. 17. The owner's claim to the assets of the business.
  11. 20. To organize and carry out.
  12. 21. Money that is set apart for a specific use; financial resources.