Compute the missing amount in the accounting equation for each entity from the financial information presented: Liabilities Equity $ 33,000 37,000 ? 72,000 Love Drycleaners DJ Video Rentals Holly Maids Love Drycleaners DJ Video Rentals Holly Maids Assets $? 72,000 94,000 Assets 72,000 94,000 $ Liabilities $ 33,000 $ 72,000 42,000 ? Equity 37,000 42,000

Compute the missing amount in the accounting equation for each entity from the financial information presented: Liabilities Equity $ 33,000 37,000 ? 72,000 Love Drycleaners DJ Video Rentals Holly Maids Love Drycleaners DJ Video Rentals Holly Maids Assets $? 72,000 94,000 Assets 72,000 94,000 $ Liabilities $ 33,000 $ 72,000 42,000 ? Equity 37,000 42,000

Name: Compute the missing amount in the accounting equation for each entity
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Description: Compute the missing amount in the accounting equation for each entity from the financial information presented:Equity37,00042,000?Love DrycleanersDJ Video RentalsHolly MaidsLove DrycleanersDJ Video RentalsHolly MaidsAssets$?72,00094,000Assets72,0009

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

Compute the missing amount in the accounting equation for each entity from the financial information presented:
Equity
37,000
42,000
?
Love Drycleaners
DJ Video Rentals
Holly Maids
Love Drycleaners
DJ Video Rentals
Holly Maids
Assets
$?
72,000
94,000
Assets
72,000
94,000
$
Liabilities
33,000
?
72,000
Liabilities
33,000 $
72,000
Equity
37,000
42,000

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