6.Name two components of shareholders’ equity and describe what each consists of. 7.What are journal entries and how they used in accounting? 8.What are revaluation adjustments? 9.Why is the...

6.Name two components of shareholders’ equity and describe what each consists of.

7.What are journal entries and how they used in accounting?

8.What are revaluation adjustments?

9.Why is the acquisition of merchandise inventory capitalized as an asset?

10.How does the accrual for wages relate to the cash paid for wages expense?

11.What purpose does a gain or loss associated with the sale of a plant asset serve?