Client Jay pays ABC Co. $1,000 in December for ABC to perform services for Jay in 45 days. ABC uses the accrual basis of accounting. In December ABC will debit Cash for $1,000. What will be the other account involved in the December accounting entry prepared by ABC (and what type of account is it)?

The book value of a corporation is the total amount of stockholders' equity reported on the balance sheet.

The third line of the balance sheet at the end of the year should begin with "For the Year Ended".

Which of the following is the accounting equation?

Notes Payable could not appear as a line on the balance sheet in which classification?

The accounting equation may not be expressed as: