Zen began a new consulting firm on January 5. The accounting equation showed the following financial summary for each of thecompany's first five transactions. Analyze the accounting equation for each transaction and match the given transaction with its mostlikely description.Transaction1.2.3.4.5.Transaction1.2.3.4.5.Cash+$ 42,000 +38,000 +28,000 +28,000 +31,000 +AccountsReceivable$0008,0008,000Assets++++++Supplies +$0 +7,000 +7,000 +7,000 +7,000 +=The owner invested $42,000 cash in the business.The company provided services for $8,000 cash.The company purchased equipment for $10,000 cash.The owner invested $3,000 cash in the business.The owner invested $3,000 cash in the business.Equipment =$ 0 =010,00010,00010,000+Liabilities +AccountsZen,PayableCapital$0 + $ 42,0003,000 + 42,0003,000 + 42,0003,000 + 42,0003,000 + 42,000X Answer is complete but not entirely correct.DescriptionEquity++++++XXXRevenues$0008,00011,000

Name: Zen began a new consulting firm on January 5. The accounting equation
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Description: Zen began a new consulting firm on January 5. The accounting equation showed the following financial summary for each of thecompany's first five transactions. Analyze the accounting equation for each transaction and match the given transaction with

The accounting equation is considered as foundation of the double-entry accounting system.The…

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Zen began a new consulting firm on January 5. The accounting equation showed the following financial summary for each of the company's first five transactions. 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. 2. 3. 4. 5. Cash + $ 42,000 + 38,000 + 28,000 + 28,000 + 31,000 + Assets. Accounts Receivable + Supplies + $0 + + 7,000 + 7,000 + 7,000 + 7,000 + $0 0 + 0 + 8,000 + 8,000 + Equipment The owner invested $42,000 cash in the business. The company provided services for $8,000 cash. The company purchased equipment for $10,000 cash. The owner invested $3,000 cash in the business. The owner invested $3,000 cash in the business. = = $0 = 0 = 10,000 = 10,000 = 10,000 = Equity Liabilities + Accounts + Zen, Payable. Capital + Revenues $0 + $ 42,000 + 3,000 + 42,000 + 3,000 + 42,000 + 3,000 + 42,000 + 3,000 + 42,000 + Answer is complete but not entirely correct. Description ✓ X ✓ X X $0 0 0 8,000 11,000

Zen began a new consulting firm on January 5. The accounting equation showed the following financial summary for each of the company's first five transactions. 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. 2. 3. 4. 5. Cash + $ 42,000 + 38,000 + 28,000 + 28,000 + 31,000 + Assets. Accounts Receivable + Supplies + $0 + + 7,000 + 7,000 + 7,000 + 7,000 + $0 0 + 0 + 8,000 + 8,000 + Equipment The owner invested $42,000 cash in the business. The company provided services for $8,000 cash. The company purchased equipment for $10,000 cash. The owner invested $3,000 cash in the business. The owner invested $3,000 cash in the business. = = $0 = 0 = 10,000 = 10,000 = 10,000 = Equity Liabilities + Accounts + Zen, Payable. Capital + Revenues $0 + $ 42,000 + 3,000 + 42,000 + 3,000 + 42,000 + 3,000 + 42,000 + 3,000 + 42,000 + Answer is complete but not entirely correct. Description ✓ X ✓ X X $0 0 0 8,000 11,000

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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