Showbiz Video is a business owned by Greg Failla. The transactions that follow are shown as they would appear in the accounting equation. INSTRUCTIONS In your working papers, describe what has happened in each transaction. Transaction I is completed as an example. Example: 1. The owner invested $30,000 in the business. 72 Chapter 3: Business Transactions and the Accounting Equation Owner's Assets Liabilities Equity Cash in Video Greg Failla, Capital Trans. Accts. Office Accounts + Bank Rec. Equip. Equip. Payable +$30,000 +S30,000 -$ 2,000 +$ 2,000 3 +$ 8,000 +$ 8,000 4 +S 700 +$ 700 +S 500 +$ 500 6. +$ 200 +$ 200 7 -$ 3,000 -$ 3,000 +S 200 -$ 200 +$ 500 +$ 500 10 -$ 1,000 -$ 1,000 %3D
Showbiz Video is a business owned by Greg Failla. The transactions that follow are shown as they would appear in the accounting equation. INSTRUCTIONS In your working papers, describe what has happened in each transaction. Transaction I is completed as an example. Example: 1. The owner invested $30,000 in the business. 72 Chapter 3: Business Transactions and the Accounting Equation Owner's Assets Liabilities Equity Cash in Video Greg Failla, Capital Trans. Accts. Office Accounts + Bank Rec. Equip. Equip. Payable +$30,000 +S30,000 -$ 2,000 +$ 2,000 3 +$ 8,000 +$ 8,000 4 +S 700 +$ 700 +S 500 +$ 500 6. +$ 200 +$ 200 7 -$ 3,000 -$ 3,000 +S 200 -$ 200 +$ 500 +$ 500 10 -$ 1,000 -$ 1,000 %3D
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter2: Analyzing Transactions Into Debit And Credit Parts
Section2.3: Analyzing How Transactions Affect Owner’s Equity Accounts
Problem 1WT
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