What is the basic accounting equation

Assignment Help Accounting Basics

Reference no: EM131884434

Question: 1. What is retained earnings? What items increase the balance in retained earnings? What items decrease the balance in retained earnings?

2. What is the basic accounting equation?

3. (a) Define the terms assets, liabilities, and stockholders' equity. (b) What items affect stockholders' equity?

4. Which of these items are liabilities of White Glove Cleaning Service?

(a) Cash.

(b) Accounts payable.

(d) Accounts receivable.

(e) Supplies.

(f) Equipment.

(g) Salaries and wages

(h) Service revenue.

(i) Rent expense.

Reference no: EM131884434

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