Problem 3-8 Determining the Effects of Transactionson the Accounting Equation (textbook p. 73)Owner'sEquityAssetsLiabilitiesAbeSchultz,Capital+ $10,000Cash inAccountsOfficeGroomingAccountsReceivable Equipment Equipment =PayableTrans.Bank1| + $10,000Balance2Balance3BalanceBalance5BalanceBalance7BalanceAnalyze: DateTransactions1. Abe Shultz began the business by depositing $10,000 in a checking account at the Shoreline National Bankin the name of the business, Kits & Pups Grooming.Jan. 232. Bought grooming equipment for cash, $1,000.8.3. Issued a check for $900 for the monthly rent.9.4. Bought $6,000 worth of new office equipment on account for use in the business.155. Received $700 cash for services performed for customers during the first week of business.216. Issued a $2,000 check to the creditor as partial payment for the office equipment purchased on account.7. Performed grooming services and agreed to be paid for them later, $500.29en

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Description: Problem 3-8 Determining the Effects of Transactionson the Accounting Equation (textbook p. 73)Owner'sEquityAssetsLiabilitiesAbeSchultz,Capital+ $10,000Cash inAccountsOfficeGroomingAccountsReceivable Equipment Equipment =PayableTrans.Bank1| + $10,000

In an accounting equation, the relationship between assets, liabilities and owner's equity is shown…

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Problem 3-8 Determining the Effects of Transactions on the Accounting Equation (textbook p. 73) Assets Owner's Equity Liabilities Abe Schultz, Cash in Grooming Receivable Equipment Equipment Accounts Office Accounts Trans. Bank Payable Capital + $10,000 1 |+ $10,000 Balance 2 Balance 3 Balance 4 Balance Balance Balance 7 Balance Analyze:

Problem 3-8 Determining the Effects of Transactions on the Accounting Equation (textbook p. 73) Assets Owner's Equity Liabilities Abe Schultz, Cash in Grooming Receivable Equipment Equipment Accounts Office Accounts Trans. Bank Payable Capital + $10,000 1 |+ $10,000 Balance 2 Balance 3 Balance 4 Balance Balance Balance 7 Balance Analyze:

Financial & Managerial Accounting

13th Edition

ISBN:9781285866307

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter1: Introduction To Accounting And Business

Section: Chapter Questions

Problem 1.6APE: Balance sheet Using the following data for Ousel Travel Service as well as the retained earnings...

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Balance sheet Using the following data for Adventure Travel Service as well as the statement of owner's equity shown in Practice Exercise 15A, prepare a report form balance sheet as of April 30, 2019: Accounts payable 105,000 Accounts receivable 485,000 Cash 197,000 Land 900,000 supplies 18,000
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