TLE 9 ASYNC Q3 W2

ASSETS - cash, building, equipment, advanced payments, furniture, etc.

DRAWS/ DRAWINGS - Owner's Drawings (when owner gets money for personal expense or stuff)

EXPENSES - obligations like rent, utilities, telephone bills, professional fees, and the like

LIABILITIES - debts and obligations like: accounts payable, notes payable, loans payable, etc.

EQUITY- Owner's Capital, Shareholder's Equity

REVENUE- SALES! Service Revenue, Sales Revenue, Interest Income