Zen began a new consulting firm on January 5. Following are total account balances after each of the company's first five transactions(using the accounting equation form). Analyze the accounting equation for each transaction and match the given transaction with itsmost likely description.Transaction1.2.3.4.5.Transaction1.2.3.4.5.Cash$ 44,00038,000 +26,000 +26,000 +31,000 +AccountsReceivable + Supplies+$ 000Assets10,00010,000+$ 011,00011,00011,00011,000++++++EquipmentDescription$ 0012,00012,00012,000LiabilitiesAccountsPayable$05,0005,0005,0005,000 + 44,000EquityZen,Capital+ $ 44,000 +++44,000 +44,000 +44,000++Revenues$00010,00015,000

Name: Zen began a new consulting firm on January 5. Following are total acc
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Description: Zen began a new consulting firm on January 5. Following are total account balances after each of the company's first five transactions(using the accounting equation form). Analyze the accounting equation for each transaction and match the given tran

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Zen began a new consulting firm on January 5. Following are total account balances after each of the company's first five transactions (using the accounting equation form). Analyze the accounting equation for each transaction and match the given transaction with its most likely description. Transaction 1. 2. 3. 4. 5. Transaction 1 Cash + $ 44,000 + 38,000 + 26,000 + 26,000 + 31,000 + Assets Accounts Receivable + Supplies + Equipment $0 + $0 + 0 + 11,000 + 0 + 11,000 + 10,000 + 11,000 + 10,000 + 11,000 + Description $0 - 0 12,000 - 12,000 12,000 Liabilities + Accounts Payable Equity Zen, + Capital + Revenues + $ 44,000 + + 44,000 + 44,000 + 44,000 + 44,000 + $0 5,000 5,000 + 5,000 + 5,000 + $0 0 0 10,000 15,000

Zen began a new consulting firm on January 5. Following are total account balances after each of the company's first five transactions (using the accounting equation form). Analyze the accounting equation for each transaction and match the given transaction with its most likely description. Transaction 1. 2. 3. 4. 5. Transaction 1 Cash + $ 44,000 + 38,000 + 26,000 + 26,000 + 31,000 + Assets Accounts Receivable + Supplies + Equipment $0 + $0 + 0 + 11,000 + 0 + 11,000 + 10,000 + 11,000 + 10,000 + 11,000 + Description $0 - 0 12,000 - 12,000 12,000 Liabilities + Accounts Payable Equity Zen, + Capital + Revenues + $ 44,000 + + 44,000 + 44,000 + 44,000 + 44,000 + $0 5,000 5,000 + 5,000 + 5,000 + $0 0 0 10,000 15,000

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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