The Basic Accounting Equation An each of the examples below, find the missing value OWNER'S ASSETS LIABILITIES EQUITY (a) S85,800 $34,900 (b) $92,655 $48,395 (c) $6,00 $34,500 (d) $45,952 $30,044 (e) $44,558 $27,934 (0) $44, 300 ($16,300) Effect of Transactions Use an X in the boxes below to indicate the effect of each business transaction on the accounting elements. The first one has been completed as an example. ASSETS LIABILITIES OWNER'S EQUITY (.) Owner invested cash (a) Purchased equipment on credit (b) Bought supplies for cash (e) Paid liability for equipment (4) Performed services for cash (e) Paid operating expenses (n Performed services on credit (g) Owner withdrew cash (h) Collected on services from ()
The Basic Accounting Equation An each of the examples below, find the missing value OWNER'S ASSETS LIABILITIES EQUITY (a) S85,800 $34,900 (b) $92,655 $48,395 (c) $6,00 $34,500 (d) $45,952 $30,044 (e) $44,558 $27,934 (0) $44, 300 ($16,300) Effect of Transactions Use an X in the boxes below to indicate the effect of each business transaction on the accounting elements. The first one has been completed as an example. ASSETS LIABILITIES OWNER'S EQUITY (.) Owner invested cash (a) Purchased equipment on credit (b) Bought supplies for cash (e) Paid liability for equipment (4) Performed services for cash (e) Paid operating expenses (n Performed services on credit (g) Owner withdrew cash (h) Collected on services from ()
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The Basic Accounting Equation
In each of the examples below, find the missing value
OWNER'S
ASSETS
LIABILITIES
EQUITY
(a)
$85,800
$34,900
(b)
$92,655
$48,395
(c)
$66,000
$34,500
(d)
$45,952
$30,044
(e)
$44,558
$27,934
(f)
$44,300
($16,300)
Effect of Transactions
Use an X in the boxes below to indicate the effect of each business transaction on the accounting elements.
The first one has been completed as an example.
ASSETS
LIABILITIES
OWNER'S EQUuITY
+
(...) Owner invested cash
(a) Purchased equipment on credit
(b) Bought supplies for cash
(e) Paid liability for equipment
(d) Performed services for cash
(e) Paid operating expenses
() Performed services on credit
(s) Owner withdrew cash
(h) Collected on services from (f)
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