Show the effects of each transaction on the accounting equation by indicating under the proper heading the dollar amount of increase or decrease for each transaction listed below. Compute the resulting accounting equation.a.Owner deposited $20,000 in his new business checking account.b.Supplies were purchased for $300 on account.c.Paid a $1,200 premium for six months of liability insurance.d.Purchased supplies for $200 cash.e.Purchased equipment for $4,000 by paying $1,000; the rest to be paid in six months.f.Paid the $300 bill outstanding (from transaction b).g.Owner withdrew $700 from the business for personal use.

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Description: Show the effects of each transaction on the accounting equation by indicating under the proper heading the dollar amount of increase or decrease for each transaction listed below. Compute the resulting accounting equation.a.Owner deposited $20,000 in

1. Purchase of supplies on account and amount payable for equipment in six months both are credited…

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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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Show the effects of each transaction on the accounting equation by indicating under the proper heading the dollar amount of increase or decrease for each transaction listed below. Compute the resulting accounting equation.

a.	Owner deposited $20,000 in his new business checking account.
b.	Supplies were purchased for $300 on account.
c.	Paid a $1,200 premium for six months of liability insurance.
d.	Purchased supplies for $200 cash.
e.	Purchased equipment for $4,000 by paying $1,000; the rest to be paid in six months.
f.	Paid the $300 bill outstanding (from transaction b).
g.	Owner withdrew $700 from the business for personal use.

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