College Accounting (Book Only): A ...
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College Accounting (Book Only): A ...
Describe a transaction that resulted in each of the following entries affecting the accounting equation.
Give the business transaction for the effect of given transactions.
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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