Effects Of Transactions (Balance Sheet Accounts) Jon Wallace started a business. During the first month...
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Effects Of Transactions (Balance Sheet Accounts) Jon Wallace started a business. During the first month (March 20--), the following transactions occurred. Show the effect of each transaction on the accounting equation: Assets Liabilities + Owner's Equity. After each transaction, show the new account totals. Use the minus sign to indicate a decrease or reduction in the account. If an amount box does not require an entry, leave it blank. Assets a. Invested cash in the business, $32,000. Liabilities Bal. b. Bought office equipment on account, $4,900. Bal. d. Paid cash on account to supplier in transaction (b), $1,800. Bal + Bal. c. Bought office equipment for cash, $1,800. (Enter the change in Equipment on the first line and the change in Cash on the second line) Owner's Equity
Eifects of Transactions (Baiance Sheet Accounts) Jan Wallace started a business. During the first month (March 20--), the following transactlons occurred. Show the effect of each transaction on the sccounting. equation: Assets = Labloties + Owner's Equity. After each transaction, show the new account totals. Use the minus sign to indicate a decrease or reduetion in the account. If an amount box does not require an entry, leave it blank
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