FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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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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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