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A Dashboard v2.cengagenow.com My Home VPN 100% CengageNOWv2 | Online teaching an... The accounting equation is stated as assets equals liabilities plus owner's equity. Under the appropriate classification, a separate column is set up for each account. Transactions are recorded by listing amounts as additions to or deductions from the various accounts. The equation must remain in balance. Write the corresponding amounts for each transaction. Compute the balance to make sure the equation is in balance before proceeding to the next transaction. Use the minus sign to indicate a decrease or reduction in the account. If an amount box does not require an entry, leave it blank. Assets Items Owned = Liabilities + Owner's Equity Amounts owed to creditors + Owner's Investment Assets Liabilities + Owner's Equity Cash + Supplies = Accounts Payable + K. Nelson, Capital (a) + 3,500 = 0+ 0 (b) 75,000 + 0 = 0+ Bal. 71,500 + 3,500 = 0 + 75,000 (c) + 0 = -5,600 + 0 Bal. 65,900 + 3,500 = -5,600 + 75,000 Next Submit Test for Grading

A Dashboard v2.cengagenow.com My Home VPN 100% CengageNOWv2 | Online teaching an... The accounting equation is stated as assets equals liabilities plus owner's equity. Under the appropriate classification, a separate column is set up for each account. Transactions are recorded by listing amounts as additions to or deductions from the various accounts. The equation must remain in balance. Write the corresponding amounts for each transaction. Compute the balance to make sure the equation is in balance before proceeding to the next transaction. Use the minus sign to indicate a decrease or reduction in the account. If an amount box does not require an entry, leave it blank. Assets Items Owned = Liabilities + Owner's Equity Amounts owed to creditors + Owner's Investment Assets Liabilities + Owner's Equity Cash + Supplies = Accounts Payable + K. Nelson, Capital (a) + 3,500 = 0+ 0 (b) 75,000 + 0 = 0+ Bal. 71,500 + 3,500 = 0 + 75,000 (c) + 0 = -5,600 + 0 Bal. 65,900 + 3,500 = -5,600 + 75,000 Next Submit Test for Grading

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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A Dashboard v2.cengagenow.com My Home VPN 100% CengageNOWv2 | Online teaching an... The accounting equation is stated as assets equals liabilities plus owner's equity. Under the appropriate classification, a separate column is set up for each account. Transactions are recorded by listing amounts as additions to or deductions from the various accounts. The equation must remain in balance. Write the corresponding amounts for each transaction. Compute the balance to make sure the equation is in balance before proceeding to the next transaction. Use the minus sign to indicate a decrease or reduction in the account. If an amount box does not require an entry, leave it blank. Assets Items Owned = Liabilities + Owner's Equity Amounts owed to creditors + Owner's Investment Assets Liabilities + Owner's Equity Cash + Supplies = Accounts Payable + K. Nelson, Capital (a) + 3,500 = 0+ 0 (b) 75,000 + 0 = 0+ Bal. 71,500 + 3,500 = 0 + 75,000 (c) + 0 = -5,600 + 0 Bal. 65,900 + 3,500 = -5,600 + 75,000 Next Submit Test for Grading
Transcribed Image Text:A Dashboard v2.cengagenow.com My Home VPN 100% CengageNOWv2 | Online teaching an... The accounting equation is stated as assets equals liabilities plus owner's equity. Under the appropriate classification, a separate column is set up for each account. Transactions are recorded by listing amounts as additions to or deductions from the various accounts. The equation must remain in balance. Write the corresponding amounts for each transaction. Compute the balance to make sure the equation is in balance before proceeding to the next transaction. Use the minus sign to indicate a decrease or reduction in the account. If an amount box does not require an entry, leave it blank. Assets Items Owned = Liabilities + Owner's Equity Amounts owed to creditors + Owner's Investment Assets Liabilities + Owner's Equity Cash + Supplies = Accounts Payable + K. Nelson, Capital (a) + 3,500 = 0+ 0 (b) 75,000 + 0 = 0+ Bal. 71,500 + 3,500 = 0 + 75,000 (c) + 0 = -5,600 + 0 Bal. 65,900 + 3,500 = -5,600 + 75,000 Next Submit Test for Grading
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