JOURNAL ENTRIES: LIABILITES, OWNERS EQUITY, AND REVENUE TO INCREASE A LIABILITY, OWNERS EQUITY OR REVENUE ACCOUNT IT IS CREDITED TO DECREASE ONE OF THEM IT IS DEBITED Liability, Owner’s Equity, or Revenue (-) Decreases Account(+) Increases Account

COMMON LIABILITY ACCOUNTS ACCOUNTS PAYABLE INTEREST PAYABLE TAXES PAYABLE WAGES PAYABLE NOTES PAYABLE BONDS PAYABLE

OWNER EQUITY ACCOUNTS COMMON STOCK RETAINED EARNINGS

REVENUE ACCOUNTS SALES

EXAMPLES OWNERS INVESTED $10,000 INTO THE COMPANY FOR COMMON STOCK CASH $10,000 COMMON STOCK $10,000

MONEY WAS BORROWED $10,000 WAS BORROWED ON A NOTE CASH $10,000 NOTES PAYABLE $10,000

THERE WERE CASH SALES THERE WERE CASH SALES OF $10,000 CASH $10,000 SALES $10,000