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Concept Introduction:
Accounting equation is the fundamental concept and representation of the double entry system of accounting. It shows how the capital invested by the owner is converted into assets and liabilities.
The accounting equation is
ASSETS + LIABILITIES = CAPITAL
Ledger accounts: Ledger accounts are the refinement of journal entries by presenting them in an understandable form. They help in finding out the balance of an account at a given point of time.
T-account - The T-account is a representation of debits and credits of a general ledger account. Debits are depicted on the left side of the “T” and credits are depicted on the right side.
To analyze: The transactions using the accounting equation, general journal
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Chapter 2 Solutions
Loose Leaf for Fundamental Accounting Principles
- Need step by step answerarrow_forwardSophia, a single taxpayer, bought her home in Santa Clara 30 years ago for $75,000. She has lived continuously in the home since she purchased it. In the current year, she sells her home for $460,000. What is Sophia's taxable gain on the sale?arrow_forwardI Need correct answer general Accountingarrow_forward
- Calculate the net fund of the businessarrow_forwardQuick answer of this accounting questionsarrow_forwardAt an output level of 19,500 units, you have calculated that the degree of operating leverage is 2.92. The operating cash flow is $66,300 in this case. Ignoring the effect of taxes, what are fixed costs?arrow_forward
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