2. (E-5) Describe a transaction that resulted in each of the following entries affecting the accounting equation. Assets = Liabilities + Owner's Equity Office Professional Accounts Cash + 4 = +B. Lake, Capital Equipment Equipment Payable +18,200 (a) +18,200 (b) -1,375 +1,375 Bal. 16,825 + 1,375 18,200 (c) +640 +640 Bal. 16,825 + 640 + 1,375 640 + 18,200 (d) -2,200 +7,000 +4,800 Bal. 14,625 + 640 + 8,375 5,440 + 18,200 (e) -1,000 -1,000 Bal. 13,625 + 640 + 8,375 = 4,440 + 18,200 22,640 22,640 a. b. C. d. e.
2. (E-5) Describe a transaction that resulted in each of the following entries affecting the accounting equation. Assets = Liabilities + Owner's Equity Office Professional Accounts Cash + 4 = +B. Lake, Capital Equipment Equipment Payable +18,200 (a) +18,200 (b) -1,375 +1,375 Bal. 16,825 + 1,375 18,200 (c) +640 +640 Bal. 16,825 + 640 + 1,375 640 + 18,200 (d) -2,200 +7,000 +4,800 Bal. 14,625 + 640 + 8,375 5,440 + 18,200 (e) -1,000 -1,000 Bal. 13,625 + 640 + 8,375 = 4,440 + 18,200 22,640 22,640 a. b. C. d. e.
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter1: The Role Of Accounting In Business
Section: Chapter Questions
Problem 1.12E: Financial statement items Identify each of the following items as (a) an asset, (h) a liability, (c)...
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