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3. (E-8 ALGO) Describe the transactions that are recorded in the following equation. Assets = Liabilities + Owner's Equity Accounts Accounts Marion, Marion, Cash (a) +27,000 + Receivable + Equipment Payable + Capital Drawing + Revenue Expenses +5,000 +32,000 (b) -1,890 Bal. 25,110 (c) + 5,000 32,000 +1,910 +1,910 (Income from +1,890 (Rent Expense) 1,890 Services) 32,000 + 1,910 1,890 Bal. 25,110 + 1,910 + 5,000 (d) -2,550 +16,500 +13,950 Bal. 22,560 + 1,910 + 21,500 = 13,950 + 32,000 + 1,910 1,890 (e) -2,350 +2,350 Bal. 20,210 + 1,910 + 21,500 13,950 32,000 - 2,350 + 1,910 1,890 43,620 43,620 a. b.. C. d. e.

3. (E-8 ALGO) Describe the transactions that are recorded in the following equation. Assets = Liabilities + Owner's Equity Accounts Accounts Marion, Marion, Cash (a) +27,000 + Receivable + Equipment Payable + Capital Drawing + Revenue Expenses +5,000 +32,000 (b) -1,890 Bal. 25,110 (c) + 5,000 32,000 +1,910 +1,910 (Income from +1,890 (Rent Expense) 1,890 Services) 32,000 + 1,910 1,890 Bal. 25,110 + 1,910 + 5,000 (d) -2,550 +16,500 +13,950 Bal. 22,560 + 1,910 + 21,500 = 13,950 + 32,000 + 1,910 1,890 (e) -2,350 +2,350 Bal. 20,210 + 1,910 + 21,500 13,950 32,000 - 2,350 + 1,910 1,890 43,620 43,620 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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3. (E-8 ALGO) Describe the transactions that are recorded in the following equation. Assets = Liabilities + Owner's Equity Accounts Accounts Marion, Marion, Cash (a) +27,000 + Receivable + Equipment Payable + Capital Drawing + Revenue Expenses +5,000 +32,000 (b) -1,890 Bal. 25,110 (c) + 5,000 32,000 +1,910 +1,910 (Income from +1,890 (Rent Expense) 1,890 Services) 32,000 + 1,910 1,890 Bal. 25,110 + 1,910 + 5,000 (d) -2,550 +16,500 +13,950 Bal. 22,560 + 1,910 + 21,500 = 13,950 + 32,000 + 1,910 1,890 (e) -2,350 +2,350 Bal. 20,210 + 1,910 + 21,500 13,950 32,000 - 2,350 + 1,910 1,890 43,620 43,620 a. b.. C. d. e.
Transcribed Image Text:3. (E-8 ALGO) Describe the transactions that are recorded in the following equation. Assets = Liabilities + Owner's Equity Accounts Accounts Marion, Marion, Cash (a) +27,000 + Receivable + Equipment Payable + Capital Drawing + Revenue Expenses +5,000 +32,000 (b) -1,890 Bal. 25,110 (c) + 5,000 32,000 +1,910 +1,910 (Income from +1,890 (Rent Expense) 1,890 Services) 32,000 + 1,910 1,890 Bal. 25,110 + 1,910 + 5,000 (d) -2,550 +16,500 +13,950 Bal. 22,560 + 1,910 + 21,500 = 13,950 + 32,000 + 1,910 1,890 (e) -2,350 +2,350 Bal. 20,210 + 1,910 + 21,500 13,950 32,000 - 2,350 + 1,910 1,890 43,620 43,620 a. b.. C. d. e.
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