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Accounting (Text Only)
Effect of transactions on owner's equity
Indicate whether each of the following types of transactions will either (a) increase owner's equity or (b) decrease owner's equity:
1. expenses
2. owner's investments
3. owner's withdrawals
4. revenues
Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by creating a relationship between the resources or assets of a company, and claims on the resources by the creditors and the owners. Accounting equation is expressed as shown below:
To analyze: Business transactions by indicating their effects on accounting equation
- a. Â Expenses: Expenses reduce the net income, which is a component of owner's equity; hence they reduce the owner's equity.
- b. Owner's investment: Owner's investment means the introduction of resources to the business by the owner; hence it increases the owner's equity...
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