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cost of goods sold = the cost of procuring goods to sell for retailers or merchandising business.

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Owner's equity is the rights of owners.
Increased by capital, revenues
Decreased by drawings, expenses

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A liability is a right or claim to a business' assets.

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An asset is a resource owned or a claim available to a business.

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obligations to customers:
gift cards
mileage points

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payables = when another party has a claim over your asset

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contra-asset account - decreases an asset's value on the balance sheet
contra - opposite or counter

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at cost - whatever shown on receipt on contracted price

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you are paying the insurance premium for a longer period.

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Business owned by one person uses owner's equity.
Business owned by many people in form of stock uses stockholder's equity.

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Drawings are cash withdrawals from the business by owners. Dividends are cash withdrawals for stockholders.

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Investments contributed by owners.

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Business uses of resources to generate earnings/revenues.

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Business earnings by providing services or selling goods.

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Balance sheet reports a listing of assets, liabilities and the owner's equity amount.
Balance sheet reports the financial position of a business, in other words, the accounting equation of a business.

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Receivables mean claims to customers' assets or to another party's asset

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Statement of Owner's Equity reports changes in equity for an accounting period.
Beginning balance of owner's equity + Capital contributed + Net income or - Net Loss - Withdrawals

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Sample list of accounts for a small business

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Income statement reports a listing of revenues and expenses. Expenses are subtracted from revenues.
Revenues>Expenses --> Net income
Revenues<Expenses --> Net loss