Just make sure this is correct.... it's really quick.... thaaaank you!! ==================?

Question

Can you make sure that the terms are matched correctly to the part of the accounting equation (assets, liabilities, equity)?

I would REALLY appreciate it.

Contributed Capital --- equity
Distributions --- equity
Purchases --- assets
Retained Earnings --- equity
Freight-In --- assets
Sales --- assets

Answer 1

Purchases can mean merchandise inventory. Same with freight-in. If these purchases haven't been sold, then they remain in ending inventory which are assets. If they've been sold, then they're closed off to the income summary a/c which is closed off to the retained earnings a/c which means equity. Sales a/c is ultimately closed off to retained earnings as above, not assets.