Double Entry System/Debits and Credits/Accounting Equation

A. Solve for each of the missing variables in these equations:

Assets = Liabilities Owner’s Equity/CAPITAL

1. 28,000 8,000 20,000
2. 89,200 9,200 80,000
3. 86,000 0 86,000
4. 45,000 22,000 23,000
5. 39,000 9,000 30,000
6. 33,500 6,500 27,000

B. For each transaction, indicate whether the assets (A), liabilities (L) or
owner’s equity (OE) increased (+), decreased (-) or did not change (o) by
writing the appropriate sign in the appropriate column.

Transaction A L OE
7. Bought equipment, paying cash +, - 0 0
8. Paid the monthly rent expense - 0 -
9. Purchased supplies on credit + + 0
10. Made an additional investment in the
+ 0 +
company
11. Paid creditor on account - - 0
12. Received cash for services rendered today + 0 +
13. Paid salaries for the week - 0 -
14. Received payment from customers on
+, - 0 0
account
15. Charged customers for services rendered on
+ 0 +
account
16. Withdrawal by the owner for personal use - 0 -