4. Summarized financial position of a business on 30.11.2022 is as follows: Assets = Liabilities +...

Transcribed Image Text:

4. Summarized financial position of a business on 30.11.2022 is as follows: Assets = Liabilities + Owners' Equity Cash + Accounts Receivable + Supplies + $1.720 $3.240 Land $24,100 = Accounts Payable + $5,400 Owner's Capital $23,660 During December 2022, the following events occurred: - Company performed services for a client and received cash of $1,100. - Company purchased $720 of supplies on account. Show the accounting effects of transactions on the summarized financial position. 4. Summarized financial position of a business on 30.11.2022 is as follows: Assets = Liabilities + Owners' Equity Cash + Accounts Receivable + Supplies + $1.720 $3.240 Land $24,100 = Accounts Payable + $5,400 Owner's Capital $23,660 During December 2022, the following events occurred: - Company performed services for a client and received cash of $1,100. - Company purchased $720 of supplies on account. Show the accounting effects of transactions on the summarized financial position.