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Effects Of Transactions (Balance Sheet Accounts) John Sullivan started a business. During the first month (February 20--), the following transactions occurred. Show the effect of each transaction on the accounting equation: Assets = Liabilities + Owner's Equity. After each transaction, show the new totals. 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. Liabilities Assets a. Invested cash in the business, $26,000. = Bal. b. Bought office equipment on account, $7,300. Owner's Equity

Effects Of Transactions (Balance Sheet Accounts) John Sullivan started a business. During the first month (February 20--), the following transactions occurred. Show the effect of each transaction on the accounting equation: Assets = Liabilities + Owner's Equity. After each transaction, show the new totals. 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. Liabilities Assets a. Invested cash in the business, $26,000. = Bal. b. Bought office equipment on account, $7,300. Owner's Equity

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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- Cengage Learning * Mind Tap - Cengage Learning + o?invoker=&takeAssignmentSessionLocator=&inprogress=false Effects Of Transactions (Balance Sheet Accounts) John Sullivan started a business. During the first month (February 20--), the following transactions occurred. Show the effect of each transaction on the accounting equation: Assets = Liabilities + Owner's Equity. After each transaction, show the new totals. 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 Liabilities Owner's Equity a. Invested cash in the business, $26,000. Bal. b. Bought office equipment on account, $7,300. Bal. c. Bought office equipment for cash, $1,200. (Enter the change in Cash on the first line and the change in Equipment on the second line) Bal. d. Paid cash on account to supplier in transaction (b), $2,000. Bal.
Transcribed Image Text:- Cengage Learning * Mind Tap - Cengage Learning + o?invoker=&takeAssignmentSessionLocator=&inprogress=false Effects Of Transactions (Balance Sheet Accounts) John Sullivan started a business. During the first month (February 20--), the following transactions occurred. Show the effect of each transaction on the accounting equation: Assets = Liabilities + Owner's Equity. After each transaction, show the new totals. 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 Liabilities Owner's Equity a. Invested cash in the business, $26,000. Bal. b. Bought office equipment on account, $7,300. Bal. c. Bought office equipment for cash, $1,200. (Enter the change in Cash on the first line and the change in Equipment on the second line) Bal. d. Paid cash on account to supplier in transaction (b), $2,000. Bal.
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