Accounting 3 Lee

5. The asset account cash and owner's equity is decreased by the ____ amount when a cash payment is made for an expense.
8. ______ and owners need information about changes in owner's equity to make sound business decisions
9. money taken in from sales, an increase in owner's equity resulting from the operation of a business
10. assets taken out of a business for the owners' personal use
12. Expense and _________ transactions decrease owner's equity.
14. Businesses are expected to prepare a balance sheet ______.
15. a decrease in owner's equity resulting from the operation of a business

1. When an owner withdraws $200 for personal use, the asset account is ________.
2. a cash payment for goods and services needed to operate a business results in a _____.
3. Managers and owners need information about changes in _____ _____ to make sound business decisions.
4. _______ and owner's equity accounts are increased when cash is received from sales.
6. Four expense transactions other than rent and utilities are cellphone, internet, s_______ , and equipment.
7. the asset that is normally withdrawn for personal use.
11. On the left side of the ___________ cash, supplies, and prepaid insurance are found.
13. The accounting equation must remain in _______ after each transaction is made.