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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

Describe a transaction that resulted in each of the following entries affecting the accounting equation.

images

To determine

Give the business transaction for the effect of given transactions.

Explanation

Transaction: The economic events which bring about any changes in the financial items of a business and can be measured in the monetary units is referred to as a transaction.

Give the business transaction for the effect of given transactions.

(a).

Effect of accounting equation: Cash increased, Owners’ Equity increased.

Business transaction: Cash of $18,200 contributed or invested by owners in the business.

(b).

Effect of accounting equation: Cash decreased, Professional Equipment increased.

Business transaction: Cash of $1,375 paid to purchase professional equipment.

(c).

Effect of accounting equation: Office Equipment increased, Accounts Payable increased...

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