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Changes That Affect Owner's Equity

When starting a proprietorship there are certain transactions that change the owner's equity.

AB
RevenueAn increse in owner's equity resulting from the operation of a business.
ExpenseA decrease in owner's equity resulting from the operation of a business.
WithdrawalAssets taken out of a business for the owner's personal use.
Cash and Capital (Investment)The accounts affected when receiving cash from the owner as an investment.
Cash and SuppliesThe accounts affected when paying cash for supplies.
Cash and Prepaid InsuranceThe accounts affected when paying cash for insurance.
Supplies and a Liability AccountThe accounts affected when buying supplies on account with a company.
Cash and a Liability AccountThe accounts affected when paying cash on account with a company.
Cash and Capital (Revenue Account)The accounts affected when receiving cash from sales.
Cash and Capital (Expense Account)The accounts affected when paying cash for an expense.
Cash and Capital (Withdrawal)The accounts affected when an owner takes out cash for personal use.


West High School

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