Answered: Using Microsoft excel, demonstrate the…

Using Microsoft excel, demonstrate the effects of the following transactions on the accounting equation, and prepare the resultant balance sheet as at 31" July, 2020,

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter1: The Role Of Accounting In Business

Section: Chapter Questions

Problem 1.26E: Accounting concepts Match each of the following statements with the appropriate accounting concept....

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The whole of financial accounting is based upon the very simple idea that, resources supplied by the owner of the business plus liabilities that must be settled at a future date must be equal to the resources in the business. It follows that the capital plus liabilities of the entity must be equal to assets of the entity expressed as: Capital + Liabilities = Assets (i.e. C+L=A).Using Microsoft excel, demonstrate the effects of the following transactions on the accounting equation, and prepare the resultant balance sheet as at 31st July, 2020,
The whole of financial accounting is based upon the very simple idea that, resources supplied by the owner of the business plus liabilities that must be settled at a future date must be equal to the resources in the business. It follows that the capital plus liabilities of the entity must be equal to assets of the entity expressed as: Capital + Liabilities = Assets (i.e. C+L=A).Using Microsoft excel, demonstrate the effects of the following transactions on the accounting equation, and prepare the resultant balance sheet as at 31st July, 2020, 1 July started business with cash $30,000 2 Sales on cash $50,000 4 Stock of materials paid by cash $10,000 5 Paid cash into bank $20,000 7 Withdrew cash for office use $10,000 8 Loan received by cash $20,000 10 Sales of goods received cheque $30,000 19 Cash sales $80,000 21 Debtor paid us by cash $50,000 30 Sales, received cheque $40,000
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