Question: how the effects on the accounting equation (A = L + OE) 1) You start a business and invest $75,000 in cash (May 1, 2020)
how the effects on the accounting equation (A = L + OE)
1) You start a business and invest $75,000 in cash (May 1, 2020)
2) You purchase equipment for cash, $10,000 (May 5, 2020)
3) You purchase furniture on account, $9000 on May 10, 2020 - you financed the purchase and will pay three installments of $3000 on the last day of May, June, and July.
4) You purchased an automobile for cash, $30,000 (May 20, 2020)
5) Refer to #3. On May 31, you pay your first installment of $3000
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