Fill in the blanks with the correct terms from the list below.
Accounting equation ..................... creditor
Accounts payable ........................... liability
Accounts receivable .....................   owner’s equity
Assets ..............................................  service
Balance sheet ................................. transaction

1. A financial statement that proves the fundamental accounting equation is the___________ .
2. ___________ are items owned by a business.
3. Debts owed by a business are called___________ .
4. A = L + OE is the___________ .

5. A(n) ___________ results when a business purchases a service or merchandise and agrees to pay later.
6. A(n) ___________ accounting firm is an example of a(n) business.
7. The owner’s investments, net income, or net loss are recorded in ___________.
8. ___________ are formed when amounts are to be paid by customers at a later date.
9. A purchase or a sale, receipt or payment of cash, or any other business occurrence that can be measured in dollars and cents is called a(n) ___________ .
10. An entity to which money is owed is a(n)___________ .