Question

John Sullivan started a business. During the first month (February 20--), the following transactions occurred. Show the effect of each transaction on the accounting equation: Assets = Liabilities + Owner's Equity. After each transaction, show the new totals.
(a) Invested cash in the business, $27,000.
(b) Bought office equipment on account, $7,500.
(c) Bought office equipment for cash, $1,600.
(d) Paid cash on account to supplier in transaction (b), $2,300.



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  • CreatedJune 07, 2014
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