Account Accounts Payable Accounts Receivable Bank Loan Payable Cash Coffee Revenue Common Shares Deferred Revenue Dividends Declared Prepare a Balance Sheet and fill in the totals for the accounting equation below: Assets Liabilities Shareholders' Equity Balance $500 $800 $2,000 $1,000 $3,000 $2,000 $700 $600 Account Equipment Hydro Expense Inventory Long Term Investments Rent Expense Retained Earnings Salaries Expense Salaries Payable Balance $3,000 $600 $900 $2,500 $800 $3,000 $1,500 $500
Account Accounts Payable Accounts Receivable Bank Loan Payable Cash Coffee Revenue Common Shares Deferred Revenue Dividends Declared Prepare a Balance Sheet and fill in the totals for the accounting equation below: Assets Liabilities Shareholders' Equity Balance $500 $800 $2,000 $1,000 $3,000 $2,000 $700 $600 Account Equipment Hydro Expense Inventory Long Term Investments Rent Expense Retained Earnings Salaries Expense Salaries Payable Balance $3,000 $600 $900 $2,500 $800 $3,000 $1,500 $500
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question

Transcribed Image Text:Account
Accounts Payable
Accounts Receivable
Bank Loan Payable
Cash
Coffee Revenue
Common Shares
Deferred Revenue
Dividends Declared
Prepare a Balance Sheet and fill in the totals for the accounting equation below:
Assets
Liabilities
Shareholders' Equity
Balance
$500
$800
$2,000
$1,000
$3,000
$2,000
$700
$600
Account
Equipment
Hydro Expense
Inventory
Long Term Investments
Rent Expense
Retained Earnings
Salaries Expense
Salaries Payable
Balance
$3,000
$600
$900
$2.500
$800
$3,000
$1,500
$500
Expert Solution
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Step 1
Accounting equation is the basic equation followed to prepare the financial statements such as balance sheet, income statement etc. of an entity.
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