P1-1B. Mia Anabelle of Winnipeg began a new business called Mia's Nail Spa. Thefollowing transactions resulted:A. Mia invested $16,000 cash from her personal bank account into the salon.B. Bought equipment on account, $1,500.0 Onet biC. Paid $800 cash to reduce what was owed from Transaction B.D. Purchased additional equipment for cash, $3,000. WOBCast Record these transactions in the basic accounting equation.The accounting equation2 (15 min)Check FigureTotal Assets $16,700

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Description: P1-1B. Mia Anabelle of Winnipeg began a new business called Mia's Nail Spa. Thefollowing transactions resulted:A. Mia invested $16,000 cash from her personal bank account into the salon.B. Bought equipment on account, $1,500.0 Onet biC. Paid $800 ca

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

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Accounting

P1-1B. Mia Anabelle of Winnipeg began a new business called Mia's Nail Spa. The following transactions resulted: A. Mia invested $16,000 cash from her personal bank account into the salon. B. Bought equipment on account, $1,500. Dont be us C. Paid $800 cash to reduce what was owed from Transaction B. D. Purchased additional equipment for cash, $3,000. wou blocuie Record these transactions in the basic accounting equation. The accounting equation 2 (15 min) Check Figure Total Assets $16,700

P1-1B. Mia Anabelle of Winnipeg began a new business called Mia's Nail Spa. The following transactions resulted: A. Mia invested $16,000 cash from her personal bank account into the salon. B. Bought equipment on account, $1,500. Dont be us C. Paid $800 cash to reduce what was owed from Transaction B. D. Purchased additional equipment for cash, $3,000. wou blocuie Record these transactions in the basic accounting equation. The accounting equation 2 (15 min) Check Figure Total Assets $16,700

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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P1-1B. Mia Anabelle of Winnipeg began a new business called Mia's Nail Spa. The
following transactions resulted:
A. Mia invested $16,000 cash from her personal bank account into the salon.
B. Bought equipment on account, $1,500.0 Onet bi
C. Paid $800 cash to reduce what was owed from Transaction B.
D. Purchased additional equipment for cash, $3,000. WOB
Cast Record these transactions in the basic accounting equation.
The accounting equation
2 (15 min)
Check Figure
Total Assets $16,700

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