John Sullivan started a business. During the first month (February 20--), the following transactions occurred. Show the
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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. Use the minus sign to indicate a decrease or reduction in the account. If an amount box doesn't require an entry, leave it "blank" or enter "0".
Assets | = | Liabilities | + | Owner's Equity | |
---|---|---|---|---|---|
a. Invested cash in the business, $29,660. | |||||
fill in the blank 1 | fill in the blank 2 | fill in the blank 3 | |||
Bal. | fill in the blank 4 | fill in the blank 5 | fill in the blank 6 | ||
b. Bought office equipment on account, $7,940. | |||||
fill in the blank 7 | fill in the blank 8 | fill in the blank 9 | |||
Bal. | fill in the blank 10 | fill in the blank 11 | fill in the blank 12 | ||
c. Bought office equipment for cash, $1,850. (Enter the change in Cash on the first line and the change in Equipment on the second line) | |||||
fill in the blank 13 | fill in the blank 14 | fill in the blank 15 | |||
fill in the blank 16 | fill in the blank 17 | fill in the blank 18 | |||
Bal. | fill in the blank 19 | fill in the blank 20 | fill in the blank 21 | ||
d. Paid cash on account to supplier in transaction (b), $2,330. | |||||
fill in the blank 22 | fill in the blank 23 | fill in the blank 24 | |||
Bal. | fill in the blank 25 | fill in the blank 26 | fill in the blank 27 |
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