These are assets which are expected to be realized within the ordinary course of business, or a span of 12 months, whichever is longer.

These assets includes money in the form of bank deposits in checking accounts and savings accounts.

These are assets usually arises from the normal course of business, such as selling goods or delivering services, but can also come from non-trade events, such as you lending.

These assets includes raw materials, work in process items, finished goods and supplies.

An amount simply paid in advance for goods or services anticipated to be received by the entity in the future.

These are tangible assets that are expected to not be converted into cash immediately, and are regularly placed as means of production. It has more than one year use in the company.

These are assets that lacks physical substance, and yet are similarly realizable over long periods of time.

These account represent the accumulated net income from operations over several periods.

These refers to the amounts received by a business earned as a result of selling something or rendering a service.

The residual interest of the owners in the assets of the business after considering all liabilities.

Mr. Bautista invested the following assets to start his own business, cash P 27,000.00 and equipment P 48.000.00 Debit: Cash 27,000.00 Debit: Equipment 48,000.00 What is the credit part of the entry?

Paid current month's rent of building, P 3,300.00 Debit: ? Credit Cash 3,300.00 What is the debit part of the entry?

Purchased additional equipment on account, P 5,400.00 Debit: Equipment 4,500.00 Credit ? What is the credit part of the entry?

Cash withdrawal by the owner, P 8,000.00 Debit: ? Credit Cash 8,000.00 What is the debit part of the entry?

Paid creditors on account, 4,500.00 Debit: Account Payable 4,500.00 Credit ? What is the credit part of the entry?

Received 15,000.00 from customer for services rendered. Debit: Cash 15,000.00 Credit ? What is the credit part of the entry?

Paid payroll for the period, 2,800.00 Debit: ? Credit Cash 2,800.00 What is the debit part of the entry?

Paid taxes for business registration, P 1,200.00 Debit: ? Credit Cash 1,200.00 What is the debit part of the entry?

Paid utility bills for the month, P 2,850.00 Debit: ? Credit Cash 2,850.00 What is the debit part of the entry?

Purchases office supplies for the month, P 630.00 Debit: ? Credit Cash 630.00 What is the debit part of the entry?

Rendered services on account, 9,500.00 Debit: ? Credit Revenue 9,500.00 What is the debit part of the entry?

Paid Insurance for the month, P 450.00 Debit: ? Credit Cash 450.00 What is the debit part of the entry?

The art of recording, classifying and summarizing in a significant manner and in terms of money, transactions and events which are in part at least of a financial character and interpreting the results thereof.

These are written promises of the entity to pay a sum certain in a future determinable time.

A security which represents ownership in a corporation