Elements of the financial statements. Listed are elements of the financial statements discussed in this chapter. Match each element with the descriptions (use each as many times as necessary). (LO 3)

a. Assets

b. Liabilities

c. Shareholders' equity

d. Revenues

e. Expenses

f. Retained earnings g. Common stock

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1. 7. 8. 9. 10. 11. 12. Note signed with a bank Rent paid a year in advance Items that make up net income that appear on the income statement Items that appear on the balance sheet A share of ownership in a corporation Equity that results from doing business and is kept in the company rather than paid out to stockholders Shareholders' interest in the company Costs of the daily operations of a business Salaries owed to employees Cost of inventory when it is sold Revenue received for services not yet provided Interest received on notes receivable