Question
Match each equity account to its description. Retained Earnings Owner's Equity Opening Balance Equity Sales Discounts Where net income/loss is transferred at the end of
Match each equity account to its description.
Retained Earnings
Owner's Equity
Opening Balance Equity
Sales Discounts
Where net income/loss is transferred at the end of the fiscal year
Not an equity account
Amount of owner investment in the company
Offset account for initial balances when starting a company
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College Accounting Chapters 1-15
Authors: James A Heintz, Robert W Parry
19th Edition
0324376162, 978-0324376166
