1 The accounting elements include_____ ,______ ,______ ,______ ,_______, and ______ . 1.2 Such things as cash, accounts receivables, inventory, supplies, equipment, buildings, land, etc. are included in ______ . 1.3 Liabilities are _______ of a business. 1.4 The net assets of a business are called _________. 1.5 Cash borrowed from a bank is not _______ but a liability. 1.6 Expenses are the decrease in owner’s equity caused by the company’s ___________ operations. 1.7 Profit is the _______ of revenue over expenses over a specific accounting period. 1.8 The accounting equation is: _____ = _____ + _________. 1.9 Record the following transaction in the accounting equation: Bought an automobile for $9,800, paying $3,000 cash and giving a note for the balance. Cash and Equipment Notes Payable Balance $15,000 = $ 15,000 Entry _______ + _______ = ______ + _______ Balance _______ + _______ = _______ + _______ ________________ = _______________