28 the owner of a business paid personal rent with a company cheque this payment red 4305829

28 the owner of a business paid personal rent with a company cheque this payment red 4305829

28) The owner of a business paid personal rent with a company cheque. This payment reduces Cash as well as increases the expenses of the firm.

29) Accounts Receivable results from earning revenue when cash is not yet received.

30) Expenses are recorded as costs of doing business whether cash was paid or not.

31) Withdrawals are considered an expense of doing business.

32) When expenses are greater than revenue, net income is the result.

33) The four parts of owner's equity include capital, withdrawals, revenue, and expenses.

34) Cash withdrawals by the owner decrease both equity and assets.

35) Cash investments by the owner increases both equity and assets.

36) Revenue and cash will always be the same amount.

37) Withdrawals are business expenses that are included on the balance sheet.

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