Please answer the following questions.1. Complete the table below using Accounting Equation (Assets= Liabilities + Owner's Equity):Compute the missing amounts in theaccounting equation for eachbusinesses.Economy CutsMaple Dry CleanersDauphin Gift and Cards2. Record the following Transactions in a Journal.DateJanuary202423ASSETS4=ABC Yoga engaged in the following transactions during January 2024, its first month ofoperations:January 02 - The business received a $15,000 cash investment from the owner, YulaGregore, to start ABC Yoga.January 03 - Paid $4,000 cash to rent a yoga studio for the month of March.January 04 - Purchased Studio Supplies for $4,000 on Account.January 06 - Earned Service Revenue and received cash, $3,000.January 09 - Paid $1,000 on Accounts Payable of January 04.January 17 - Earned Service Revenue from a client on account.6$100,000$145,000Identify transactions by their date and include an explanation for each entry. Use thefollowing accounts: Cash;Accounts Receivable; Studio Supplies; Accounts Payable; Yula Gregore, Capital; ServiceRevenue and Rent Expense.LIABILITIES$120,000Accounts and Explanations$115,000DrCrOWNER'SEQUITY$40,000$50,000

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Description: Please answer the following questions.1. Complete the table below using Accounting Equation (Assets= Liabilities + Owner's Equity):Compute the missing amounts in theaccounting equation for eachbusinesses.Economy CutsMaple Dry CleanersDauphin Gift an

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Business

Accounting

Please answer the following questions. 1. Complete the table below using Accounting Equation (Assets= Liabilities + Owner's Equity): Compute the missing amounts in the accounting equation for each businesses. Economy Cuts Maple Dry Cleaners Dauphin Gift and Cards ASSETS = $100,000 $145,000 LIABILITIES $120,000 $115,000 OWNER'S EQUITY $40,000 $50,000

Please answer the following questions. 1. Complete the table below using Accounting Equation (Assets= Liabilities + Owner's Equity): Compute the missing amounts in the accounting equation for each businesses. Economy Cuts Maple Dry Cleaners Dauphin Gift and Cards ASSETS = $100,000 $145,000 LIABILITIES $120,000 $115,000 OWNER'S EQUITY $40,000 $50,000

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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