Lesson: Slang to Accounting Glossary
• "Customer owes us later" → Accounts Receivable (Asset)
• "Customer paid before we started" → Unearned Revenue (Liability)
• "We bought parts on credit" → Accounts Payable (Liability)
• "Owner pulled money out" → Dividends / Distributions (Equity Reduction)
• "Paid rent upfront for next year" → Prepaid Rent (Asset)