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  • Worksheet 3 Accounting Equation Accounts Payable

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    Pirvu
    97 views6 pages
    The document shows transactions recorded in an accounting equation. It records purchases of supplies, auto services, and business meals on account, and subsequent payments on account. The transactions decrease assets like cash and increase liabilities like accounts payable. After recording all transactions, total assets equal total liabilities and owner's equity, with a net loss recorded.

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    The document shows transactions recorded in an accounting equation. It records purchases of supplies, auto services, and business meals on account, and subsequent payments on account. The transactions decrease assets like cash and increase liabilities like accounts payable. After recording all transactions, total assets equal total liabilities and owner's equity, with a net loss recorded.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    97 views6 pages

    Worksheet 3 Accounting Equation Accounts Payable

    Uploaded by

    Pirvu
    The document shows transactions recorded in an accounting equation. It records purchases of supplies, auto services, and business meals on account, and subsequent payments on account. The transactions decrease assets like cash and increase liabilities like accounts payable. After recording all transactions, total assets equal total liabilities and owner's equity, with a net loss recorded.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 6

    Assets = Liabilities + Owner's Equity

    Meal and
    Accounts Accounts Auto Ent.
    Cash + Receivable + Supplies = payable + Capital + Revenue + Expense + Expense
    Bala 50,000 + 0 + 0 = 0 50,000 + 0 + 0 + 0
    a. 0 + 0 + 585 = 585 + 0 + 0 + 0 + 0
    Bala 50,000 + 0 + 585 = 585 + 50,000 + 0 + 0 + 0
    b. (585) + 0 + 0 = (585) + 0 + 0 + 0 + 0
    Bala 49,415 + 0 + 585 = 0 + 50,000 + 0 + 0 + 0
    c. 0 + 0 + 0 = 416 + 0 + 0 + (416) + 0
    Bala 49,415 + 0 + 585 = 416 + 50,000 + 0 + (416) + 0
    d. 0 + 0 + 0 = 1,950 + 0 + 0 + 0 + (1,950)
    Bala 49,415 + 0 + 585 = 2,366 + 50,000 + 0 + (416) + (1,950)
    e. (416) + 0 + 0 = (416) + 0 + 0 + 0 + 0
    Bala 48,999 + 0 + 585 = 1,950 + 50,000 + 0 + (416) + (1,950)

    Record each transactions to the


    accounting equation
    a. Purchased supplies on
    585
    account
    b. Paid for supplies
    purchases in the past on 585
    account
    c. Purchased auto service on
    416
    account
    d. Purchased business meals
    1,950
    on account
    e. Paid for auto service
    which was purchased on 416
    account in the past
    Total
    Liabilities
    Total Assets = and Equity Net Income
    50,000 = 50,000 0
    585 = 585 0
    50,585 = 50,585 0
    (585) = (585) 0
    50,000 = 50,000 0
    0 = 0 (416)
    50,000 = 50,000 (416)
    0 = 0 (1,950)
    50,000 = 50,000 (2,366)
    (416) = (416) 0
    49,584 = 49,584 (2,366)
    Assets = Liabilities + Owner's Equity
    Meal and
    Accounts Accounts Auto Ent.
    Cash + Receivable + Supplies = payable + Capital + Revenue + Expense + Expense
    Balance + + = + + +
    a. + + = + + + +
    Balance + + = + + + +
    b. + + = + + + +
    Balance + + = + + + +
    c. + + = + + + +
    Balance + + = + + + +
    d. + + = + + + +
    Balance + + = + + + +
    e. + + = + + + +
    Balance + + = + + + +

    Record each transactions to the


    accounting equation
    a. Purchased supplies on
    585
    account
    b. Paid for supplies
    purchases in the past on 585
    account
    c. Purchased auto service on
    416
    account
    d. Purchased business meals
    1,950
    on account
    e. Paid for auto service
    which was purchased on 416
    account in the past
    Total
    Liabilities
    Total Assets = and Equity Net Income
    0 = 0 0
    0 = 0 0
    0 = 0 0
    0 = 0 0
    0 = 0 0
    0 = 0 0
    0 = 0 0
    0 = 0 0
    0 = 0 0
    0 = 0 0
    0 = 0 0
    Assets = Liabilities + Owner's Equity
    Meal and
    Accounts Accounts Auto Ent.
    Cash + Receivable + Supplies = payable + Capital + Revenue + Expense + Expense
    Balance + + = + + +
    a. + + = + + + +
    Balance + + = + + + +
    b. + + = + + + +
    Balance + + = + + + +
    c. + + = + + + +
    Balance + + = + + + +
    d. + + = + + + +
    Balance + + = + + + +
    e. + + = + + + +
    Balance + + = + + + +
    Record each transactions to the
    accounting equation
    a. Purchased supplies on
    810
    account
    b. Paid for supplies
    purchases in the past on 810
    account
    c. Purchased auto service on
    576
    account
    d. Purchased business meals
    2,700
    on account
    e. Paid for auto service
    which was purchased on 576
    account in the past
    Total
    Liabilities
    Total Assets = and Equity Net Income
    0 = 0 0
    0 = 0 0
    0 = 0 0
    0 = 0 0
    0 = 0 0
    0 = 0 0
    0 = 0 0
    0 = 0 0
    0 = 0 0
    0 = 0 0
    0 = 0 0

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