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If a building is for sale for $95,000, but the buyer only pays $85,000 cash for it, the buyer would record the purchase of the building in their accounting records at $85,000.

What is the best description for the journal entry below? June 26     Supplies 500                        Accounts Payable 500                     ????????????

Assets represent items that a business owes to creditors.

A T-account is used as a tool to help accountants see the balances of accounts.

The goal of an unadjusted Trial Balance is to show that debits equal credits.

An example of an internal user of accounting information is employees.

When a business sends a bill to a customer for services provided, it increases cash.

If Assets equal $5,000 and Liabilities equal $2000 what is the balance of Owner’s Equity?

What is the best description for the journal entry below? Aug 15     Equipment 1000                        Cash       1000                     ????????????

The area of accounting that provides external users with information is called: