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, $29,000. fill in the blank 1 fill in the blank 2 fill in the blank 3 Bal. fill in the blank 4 fill in the blank 5 fill in the blank 6 b. Bought office equipment on account, $7,700. fill in the blank 7 fill in the blank 8 fill in the blank 9 Bal. fill in the blank 10 fill in the blank 11 fill in the blank 12 c. Bought office equipment for cash, $2,000. (Enter the change in Cash on the first line and the change in Equipment on the second line) fill in the blank 13 fill in the blank 14 fill in the blank 15 fill in the blank 16 fill in the blank 17 fill in the blank 18 Bal. fill in the blank 19 fill in the blank 20 fill in the blank 21 d. Paid cash on account to supplier in transaction (b), $2,000. fill in the blank 22 fill in the blank 23 fill in the blank 24 Bal. fill in the blank 25 fill in the blank 26 fill in the blank 27

Name: John Sullivan started a business. During the first month (February 20-
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Description: 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

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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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, $29,000.
	fill in the blank 1	fill in the blank 2	fill in the blank 3
Bal.	fill in the blank 4	fill in the blank 5	fill in the blank 6
b. Bought office equipment on account, $7,700.
	fill in the blank 7	fill in the blank 8	fill in the blank 9
Bal.	fill in the blank 10	fill in the blank 11	fill in the blank 12
c. Bought office equipment for cash, $2,000. (Enter the change in Cash on the first line and the change in Equipment on the second line)
	fill in the blank 13	fill in the blank 14	fill in the blank 15
	fill in the blank 16	fill in the blank 17	fill in the blank 18
Bal.	fill in the blank 19	fill in the blank 20	fill in the blank 21
d. Paid cash on account to supplier in transaction (b), $2,000.
	fill in the blank 22	fill in the blank 23	fill in the blank 24
Bal.	fill in the blank 25	fill in the blank 26	fill in the blank 27

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