Exercise 1-12 (Static) Analysis using the accounting equation LO P1Zen began a new consulting firm on January 5. The accounting equation showed the following financial summary for each of thecompany's first five transactions. Analyze the accounting equation for each transaction and match the given transaction with its mostlikely description.Transaction Cash1.2.3.4.5.Transaction1.23.45Assets-Liabilities +AccountsAccountsPayable+Receivable Supplies +Equipment$0$$01,0001,0001,0001,000$40,000+38,000 +30,000+38,000 +31,000+$0+eo6,0006,000+3,0003,0003,0003,000++8,0008,0008,000DescriptionEquityCommon+ Stock +Revenues+ $40,000+ 40,000+ 40,000+40,000+ 40,000++++50@96,0007,000

Name: Exercise 1-12 (Static) Analysis using the accounting equation LO P1Ze
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Description: Exercise 1-12 (Static) Analysis using the accounting equation LO P1Zen began a new consulting firm on January 5. The accounting equation showed the following financial summary for each of thecompany's first five transactions. Analyze the accounting

The accounting equation states that assets are equal to the sum of the liabilities and equity. The…

Business

Accounting

Exercise 1-12 (Static) Analysis using the accounting equation LO PI Zen began a new consulting firm on January 5. The accounting equation showed the following financial summary for each of the company's first five transactions. Analyze the accounting equation for each transaction and match the given transaction with its most likely description. Assets Accounts Transaction Cash Receivable Supplies +Equipment 1. $40,000+ 50 se 2. 38,000 3. 30,000 4. 5. Transaction 1. 2 3 4 5 30,000+ 31,000+ 5,000 6,000 $0. 3,000+ + 3,000 + 3,000. 3,000 + 8,000 8,000 8,000 -Liabilities Accounts - Common Payable + Stock Revenues +$40,000. 50 @ 50 1,000 1,000+ 1,000 1,000 Description Equity . 40,000. 40,000. 40,000. 40,000+ . 6,000 7,000

Exercise 1-12 (Static) Analysis using the accounting equation LO PI Zen began a new consulting firm on January 5. The accounting equation showed the following financial summary for each of the company's first five transactions. Analyze the accounting equation for each transaction and match the given transaction with its most likely description. Assets Accounts Transaction Cash Receivable Supplies +Equipment 1. $40,000+ 50 se 2. 38,000 3. 30,000 4. 5. Transaction 1. 2 3 4 5 30,000+ 31,000+ 5,000 6,000 $0. 3,000+ + 3,000 + 3,000. 3,000 + 8,000 8,000 8,000 -Liabilities Accounts - Common Payable + Stock Revenues +$40,000. 50 @ 50 1,000 1,000+ 1,000 1,000 Description Equity . 40,000. 40,000. 40,000. 40,000+ . 6,000 7,000

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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