The foundation for the accounting system and the financial statements is the accounting equation. Select the terms that complete the accounting equation.Accounting Equation = + For each of the following items, indicate the element of the accounting equation to which it belongs: Assets, Liabilities or Owner’s Equity. AssetsLiabilitiesOwner’s EquityAccounts Payable Accounts Receivable Auto Expense Capital Cash Drawing Fees Earned Land Miscellaneous Expense Supplies Supplies Expense Wages Expense the accounting equation (assets, liabilities, owner’s equity) resulting from the transaction. (You will not need to enter the amount of each transaction, only the balance after the transaction.) If an amount box does not require an entry, leave it blank.TransactionAssets =Liabilities +Owner's EquityBeginning$0$0$01. Investment in the business 2. Borrow cash 3. Purchase equipment 4. Revenues earned 5. Expenses incurred 6. Distributions

Name: The foundation for the accounting system and the financial statements
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Description: The foundation for the accounting system and the financial statements is the accounting equation. Select the terms that complete the accounting equation.Accounting Equation = + For each of the following items, indicate the element of the ac

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Answered: For each of the following items,…

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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The foundation for the accounting system and the financial statements is the accounting equation. Select the terms that complete the accounting equation.

Accounting Equation
=	+

For each of the following items, indicate the element of the accounting equation to which it belongs: Assets, Liabilities or Owner’s Equity.

	Assets	Liabilities	Owner’s Equity
Accounts Payable
Accounts Receivable
Auto Expense
Capital
Cash
Drawing
Fees Earned
Land
Miscellaneous Expense
Supplies
Supplies Expense
Wages Expense

the accounting equation (assets, liabilities, owner’s equity) resulting from the transaction. (You will not need to enter the amount of each transaction, only the balance after the transaction.) If an amount box does not require an entry, leave it blank.

Transaction	Assets =	Liabilities +	Owner's Equity
Beginning	$0	$0	$0
1. Investment in the business
2. Borrow cash
3. Purchase equipment
4. Revenues earned
5. Expenses incurred
6. Distributions

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