Showbiz Video is a business owned by Greg Failla. The transactions that follow are shown as they would appear in the accounting equation.

In your working papers, describe what has happened in each transaction. Transaction 1 is completed as an example. 

1. The owner invested $30,000 in the business. 

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Trans. 1 2 3 4 5 6 7 8 9 10 Assets Accts. Office Video Rec. Equip. Equip. +$2,000 +$8,000 Cash in Bank + $30,000 -$ 2,000 +$ 700 -$ 3,000 +$ 500-$500 -$ 1,000 +$500 +$ 200 +$200 $ 200 Owner's Liabilities + Equity Accounts + Greg Failla, Capital Payable +$30,000 +$8,000 +$ 700 +$ 500 +$ 200 - $3,000 -$ 1,000