ACCOUNTING EQUATION: Assets = Liabilities + Net Assets

2. The Little League Organization performed the following transactions. Summarize the transactions using the accounting equation.

Transaction A: Registration for the upcoming baseball season generated $35,600 in registration fees. All fees are paid in cash.

Transaction B: The League purchased new baseballs and uniforms on credit from the local sports store. The transaction total was $12,453.

Transaction C: Landscaping services in the amount of $5,632 were purchased with cash to prepare the fields for play.

What are the balance sheet totals after these transactions, assuming the League had beginning balances of zero?

3. The local homeless shelter had the following transactions. Summarize the transactions using the accounting equation.

Transaction A: Utility bills were paid using cash and totaled $1,345.

Transaction B: The city provides a subsidy of $1 for each breakfast provided by the shelter. A bill was generated and delivered to the city for 6,000 eligible meals.

Transaction C: Volunteers and staff will be painting the inside of the shelter this weekend. Supplies were purchased on credit from the local hardware store, and the total cost was $1,500.

Transaction D: Cash was used to pay the credit debt on the paint and supplies.

What are the totals in the accounting equation after these transactions?

What are the ending balances on the balance sheet if the shelter had the following beginning balances:

assets = $20,000; liabilities = $5,000; net assets = $15,000?