5. Using the accounting equation, the entry to record sales revenue on account increases assets and________________?

6 The journal entry to record the contribution of $10,000 cash by the owner of a company increases assets and also increases______________

7. The journal entry to record the payment on account of $5,000 decreases both assets and_______________________________

8. Articulate (i.e., state)the formula to calculate Gross Profit.

9. The statement of financial position is referred as__________________________ _________________

10. In the normal trade of business, the amount owed to a company by its customers is called _________________________