Accounting equation

Assets = Liabilities + Owners

Equity
Balance sheet accounts
Asset Accounts Liability Accounts
Equity Accounts
Cash Account Payable
Owners Capital
Account Receivable Wages and Salary Payable
Retained Earnings
Inventory Interest Payable
Equipment Taxes Payable
Building Notes Payable
Vehicles

Income Statements Accounts

Revenue Expenses = Net Income
Example of revenue example of
expenses
1- Sales 1- cost of
goods sold
2- Service revenue 2- rent
expenses
3- Commission 3- salary
expenses
4- 4- utility
expenses