2. M. Knight owns a business called "Accounting Done Right" which has the following account balances as of Dec 30, 2020. Create a properly formatted balance sheet for Mr. Knight using either the computer template below or printed template. | Cash $5,500 A/P- Rose & Son $300 A/P - Familiar Finance $2,800 Supplies $2,000 Furniture $4,400 A/R - S. Anton $355 Vehicles $5,500 Bank Loan $3,000 A/R - D. Rovito $430 Mortgage $150,000 Building $280,000 A/P - Paper is Us $600

2. M. Knight owns a business called "Accounting Done Right" which has the following account balances as of Dec 30, 2020. Create a properly formatted balance sheet for Mr. Knight using either the computer template below or printed template. | Cash $5,500 A/P- Rose & Son $300 A/P - Familiar Finance $2,800 Supplies $2,000 Furniture $4,400 A/R - S. Anton $355 Vehicles $5,500 Bank Loan $3,000 A/R - D. Rovito $430 Mortgage $150,000 Building $280,000 A/P - Paper is Us $600

Name: 2. M. Knight owns a business called "Accounting Done Right" which has
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Description: 2. M. Knight owns a business called "Accounting Done Right" which has the followingaccount balances as of Dec 30, 2020. Create a properly formatted balance sheet for Mr.Knight using either the computer template below or printed template. |Cash$5,500

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

2. M. Knight owns a business called "Accounting Done Right" which has the following
account balances as of Dec 30, 2020. Create a properly formatted balance sheet for Mr.
Knight using either the computer template below or printed template. |
Cash
$5,500 A/P - Rose & Son
$300
A/P - Familiar Finance
$2,800 Supplies
$2,000
Furniture
$4,400 A/R - S. Anton
$355
Vehicles
$5,500
Bank Loan
$3,000
A/R - D. Rovito
$430
Mortgage
$150,000
Building
$280,000 A/P - Paper is Us
$600

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