Accounting Chapter 3

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Across
  1. 3. Anything of value that a person or business has legal rights to
  2. 5. The total amount of money owed to a business
  3. 8. ASSETS=LIABILITIES + OWNER'S EQUITY
  4. 9. The owner's claims to the assets is called what?
  5. 11. The amount owed to the creditors of a business
  6. 14. A legal right to property
  7. 15. Money or other property paid out in order to produce profit
Down
  1. 1. Owner takes cash out for personal use
  2. 2. Fees earned for services performed and cash received from merchandise
  3. 4. When buying something and agree to pay for it later
  4. 6. Any person or business to which you owe money
  5. 7. Increase or decrease in assets, liabilities, or owner's equity
  6. 10. The creditor's claims to a businesses assets is called what?
  7. 12. Cash, office equipment, manufacturing equipment, building, and land are what?
  8. 13. Rent, utilities, and advertising are what?