ACCOUNTING PRINCIPLES-W/WILEYPLUS
14th Edition
ISBN: 9781119707158
Author: Weygandt
Publisher: WILEY
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As an accountant, your new client Michael Sue's he's assistance in setting up his books for his business. To do this successfully, you start by showing him how you perform a transaction analysis based on the accounting equation assets equals liabilities plus owners equity. You explain to Michael how to show increases and decreases in assets liabilities and owners equity accounts using that analysis template. To help Michael understand the transaction analysis you reconcile each side of the equation by balancing out each column at the end of the transaction. complete by using the accounts cash, accounts receivable, supplies, equipment, accounts payable, notes payable, Suze capital, Suze drawing, service revenue, rent expense, salary expense, utilities expense, and advertising expense.
Please record the transactions listed in the image.
The following is a statement showing the financial status of the comapany at any given time A. Trading account B. Profit & Loss statement C. Balance Sheet D. Cash Book
Note:-
Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.
Answer completely.
You will get up vote for sure.
Would you please remind me how the debits and credits system works? Why do the assets get debit increased and the liabilities and owner’s equity get debit decreased? I know the parts must balance and clear each other out, but reviewing my notes from a previous class, I’m having a hard time getting a perspective on the principle of the T-balance.
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