Seebunting is called double-entry accounting because each transaction has exactly two effects; never one, never three or more. 5. True False Financial statements can easily be prepared in any order because the nu they contain are unrelated to one another. 6. True False The trial balance shows that the sum of all balances on the debit side equals the sum of all balances on the credit side. Fill-in: Choose the word from the list below that best completes each statement. Accounts Receivable Capital Debit Expenses Liabilities Balance Sheet Credit Drawing account Income Statement Normal Balance 7. The net income of a business is calculated by subtracting the _ from the revenue. 8. The fundamental accounting equations is "Assets Owner's Equity + 9. An entry on the left side of a T account is called a(n). 10. The financial statement that lists the revenue and expenses is called the 11. An owner's investment in his or her business is known as 12. The is a financial statement showing that the sum of the assets equals the sum of the liabilities and owner's equity. 13. The account used to record the owner's withdrawals from the business is the 14. is an account used to record money owed to a business by customers. 15. The is a name for the increase or plus side of a T account 16. An entry on the right side of a T account is called a(n) Version