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  • Accounting Equation - R.Fannie

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    Ishan
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    This document tracks changes in assets, liabilities, and owner's equity for a business over 8 periods. It starts with $17,000 in cash and $17,000 in owner's equity. Over time, the business purchases $5,000 in equipment, earns $1,200 in receivables, $700 in revenue, and withdraws $800, ending with $15,420 in cash, $1,200 in receivables, $5,000 in equipment, $5,000 in payables, and $17,000 in owner's equity plus $800 in withdrawals.

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    Accounting equation

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    Accounting equation - R.Fannie

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    This document tracks changes in assets, liabilities, and owner's equity for a business over 8 periods. It starts with $17,000 in cash and $17,000 in owner's equity. Over time, the business purchases $5,000 in equipment, earns $1,200 in receivables, $700 in revenue, and withdraws $800, ending with $15,420 in cash, $1,200 in receivables, $5,000 in equipment, $5,000 in payables, and $17,000 in owner's equity plus $800 in withdrawals.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    17 views2 pages

    Accounting Equation - R.Fannie

    Uploaded by

    Ishan
    This document tracks changes in assets, liabilities, and owner's equity for a business over 8 periods. It starts with $17,000 in cash and $17,000 in owner's equity. Over time, the business purchases $5,000 in equipment, earns $1,200 in receivables, $700 in revenue, and withdraws $800, ending with $15,420 in cash, $1,200 in receivables, $5,000 in equipment, $5,000 in payables, and $17,000 in owner's equity plus $800 in withdrawals.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 2

    ASSETS = LIABILITIES + OWNERS EQUITY

    Accounts office Accounts R.Fannier R.Fannier


    Cash + receivable + equipment = payable + Capital - Withd. +
    a. 17,000 - - - 17,000 -
    Balance 17,000 - - - 17,000 -
    b. - - 5,000 5,000 - -
    Balance 17,000 - 5,000 5,000 17,000 -
    c. 700 - - - - -
    Balance 17,700 - 5,000 5,000 17,000 -
    d. - 1,200 - - - -
    Balance 17,700 1,200 5,000 5,000 17,000 -
    e. (300) - - - - -
    Balance 17,400 1,200 5,000 5,000 17,000 -
    f. (180) - - - - -
    Balance 17,220 1,200 5,000 5,000 17,000 -
    g. (1,000) - - - - -
    Balance 16,220 1,200 5,000 5,000 17,000 -
    h. (800) - - - - 800
    Ending Balance 15,420 1,200 5,000 5,000 17,000 800

    21,620 21,620
    ES + OWNERS EQUITY
    Computer
    service revenue - Expenses
    - -
    - -
    - -
    - -
    700 -
    700 -
    1,200 -
    1,900 -
    - 300
    1,900 300
    - 180
    1,900 480
    - 1,000
    1,900 1,480
    - -
    1,900 1,480

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