____________________ Are Checks That Have Been Issued During the Period,but

question 8

Short Answer

____________________ are checks that have been issued during the period,but have not been presented to the bank for payment before the bank statement is prepared.

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Definitions:

Revenues

Income generated from normal business operations, often from the sale of goods and services to customers.

Expenses

Costs incurred by a business or individual in the process of earning revenue, ranging from utilities to salaries.

Drawing Account

An account used to record withdrawals made by an owner from the business for personal use.

Owner's Capital Account

An equity account that represents the owner's invested capital plus any retained earnings or minus any withdrawals.