select the term that best fits each definition. withdrawals sale on account expense revenue an increase in…

select the term that best fits each definition. withdrawals sale on account expense revenue an increase in equity resulting from the sale of goods or services. the cost of goods or services used to operate a business. a sale for which payment will be received at a later date. assets taken from the business for the owners personal use.

select the term that best fits each definition. withdrawals sale on account expense revenue an increase in equity resulting from the sale of goods or services. the cost of goods or services used to operate a business. a sale for which payment will be received at a later date. assets taken from the business for the owners personal use.

Answer

Brief Explanations:

  • "An increase in equity resulting from the sale of goods or services" is the definition of revenue.
  • "The cost of goods or services used to operate a business" defines expense.
  • "A sale for which payment will be received at a later date" is a sale on account.
  • "Assets taken from the business for the owner's personal use" are withdrawals.

Answer:

  • An increase in equity resulting from the sale of goods or services: revenue
  • The cost of goods or services used to operate a business: expense
  • A sale for which payment will be received at a later date: sale on account
  • Assets taken from the business for the owner's personal use: withdrawals