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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 the transactions that are recorded in the following equation:

images

To determine

Give the business transaction for the effect of given transactions on accounting equation.

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 on accounting equation.

a.

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

Business transaction: Cash of $25,000, and equipment of $4,500 contributed or invested by owners in the business to increase the total capital by $29,500.

b.

Effect of accounting equation: Rent expense increased, Cash decreased.

Business transaction: Cash of $1,250 paid for rent expense...

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