"1.What is revenue? 2.What are expenses? 3.How is net income determined? 4.How does net income affect owner’s equity? 5.Describe the effects of each of the following business transactions on assets,...

"1.What is revenue?

2.What are expenses?

3.How is net income determined?

4.How does net income affect owner’s equity?

5.Describe the effects of each of the following business transactions on assets, liabilities, and owner’s equity.

a.Bought equipment on credit.

b.Paid salaries to employees.

c.Sold services for cash.

d.Paid cash to a creditor.

e.Bought furniture for cash.

f.Sold services on credit.