The foundation for the accounting system and the financial statements is the accounting equation. Select the terms that complete the accounting equation.Accounting Equation = + For each of the following items, indicate the element of the accounting equation to which it belongs: Assets, Liabilities or Owner’s Equity. AssetsLiabilitiesOwner’s EquityAccounts Payable Accounts Receivable Auto Expense Capital Cash Drawing Fees Earned Land Miscellaneous Expense Supplies Supplies Expense Wages Expense the accounting equation (assets, liabilities, owner’s equity) resulting from the transaction. (You will not need to enter the amount of each transaction, only the balance after the transaction.) If an amount box does not require an entry, leave it blank.TransactionAssets =Liabilities +Owner's EquityBeginning$0$0$01. Investment in the business 2. Borrow cash 3. Purchase equipment 4. Revenues earned 5. Expenses incurred 6. Distributions

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Description: The foundation for the accounting system and the financial statements is the accounting equation. Select the terms that complete the accounting equation.Accounting Equation = + For each of the following items, indicate the element of the ac

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College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter4: Adjusting Entries And The Work Sheet

Section: Chapter Questions

Problem 9E: Determine on which financial statement each account listed below is reported. Use the following...

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The foundation for the accounting system and the financial statements is the accounting equation. Select the terms that complete the accounting equation.

Accounting Equation
=	+

For each of the following items, indicate the element of the accounting equation to which it belongs: Assets, Liabilities or Owner’s Equity.

	Assets	Liabilities	Owner’s Equity
Accounts Payable
Accounts Receivable
Auto Expense
Capital
Cash
Drawing
Fees Earned
Land
Miscellaneous Expense
Supplies
Supplies Expense
Wages Expense

the accounting equation (assets, liabilities, owner’s equity) resulting from the transaction. (You will not need to enter the amount of each transaction, only the balance after the transaction.) If an amount box does not require an entry, leave it blank.

Transaction	Assets =	Liabilities +	Owner's Equity
Beginning	$0	$0	$0
1. Investment in the business
2. Borrow cash
3. Purchase equipment
4. Revenues earned
5. Expenses incurred
6. Distributions

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