Briefly define the financial accounting elements: (1) assets, (2) liabilities, (3) equity, (4) investments by owners,  (5) distributions to owners, (6) revenues, (7) expenses, (8) gains, (9) losses, and (10) comprehensive income.

Identify or classify the different account titles as to whether the belong to Assets, Liabilities, Owner's Equity, Revenue, or Expense of the Business. Fill the amounts of the following SFP and SCI elements.  Current Assets: _________ Noncurrent Assets: __________ Current Liabilities: _________ Noncurrent Liabilities: __________ Sales: __________ Expenses: ___________ Net Income (Loss): __________

Journalize the selected transactions

From the list below, identify the components that appear on the statement of financial positiona) Assetsb) Liabilitiesc) Alld) Shareholders’equity