(LO2) wo (LO3/4) 2ng (6)$32,200 Net worth of owner Money withdrawn by owner Money owed by customers si noil gniza Assets THE ACCOUNTING EQUATION Using the accounting equation, compute the miss- ing elements. $32,000 $27,000 Accounts Payable Office Furniture John Smith, Capital John Smith, Drawing Accounts Receivable Liabilities $27,000 $18,000 + Owner's Equity $17,000 + + $20,000 EFFECTS OF TRANSACTIONS (BALANCE SHEET ACCOUNTS) John Sullivan started a business. During the first month (February 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 totals. (a) Invested cash in the business, $27,000. (b) Bought office equipment on account, $7,500. (c) Bought office equipment for cash, $1,600. (d) Paid cash on account to supplier in transaction (b), $2,300. 13:

(LO2) wo (LO3/4) 2ng (6)$32,200 Net worth of owner Money withdrawn by owner Money owed by customers si noil gniza Assets THE ACCOUNTING EQUATION Using the accounting equation, compute the miss- ing elements. $32,000 $27,000 Accounts Payable Office Furniture John Smith, Capital John Smith, Drawing Accounts Receivable Liabilities $27,000 $18,000 + Owner's Equity $17,000 + + $20,000 EFFECTS OF TRANSACTIONS (BALANCE SHEET ACCOUNTS) John Sullivan started a business. During the first month (February 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 totals. (a) Invested cash in the business, $27,000. (b) Bought office equipment on account, $7,500. (c) Bought office equipment for cash, $1,600. (d) Paid cash on account to supplier in transaction (b), $2,300. 13:

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter2: Basic Accounting Systems: Cash Basis

Section: Chapter Questions

Problem 2.5P: Missing amounts from Financial statements The financial statements at the end of Network Realty,...

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