at the beginning of the period,. the owners capital account of a business has a balance of 220,000. during the period the total debits and credits to that account for 60,000 and 70,000, respectively. how much is the ending balance of the owner's capital account

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A:

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A: Equity = 270000 Equity = 3/4 of total liabilities 270000 = 0.75*total liabilities 270000/0.75 =…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is