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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.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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.
Transcribed Image Text: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.
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