Keep It in Balance QuickBooks Desktop Apply Your Skills, Chapter 1 Wet Noses Veterinary Clinic Your Responses Write out the accounting equation. Write out the extended accounting equation. You have $56,309 in assets and $19,382 in liabilities. How much do you have in equity? You have $139,220 in liabilities and $589,300 in equity. How much do you have in assets? You have $75,200 in equity and $185,329 in assets. How much do you have in liabilities? You produce an invoice for $350, increasing the Sales account. Show what other account is increased using the extended accounting equation. You pay a bill for $75, decreasing the Checking account. Show what other account is decreased using the extended accounting equation. You deposit a check for $2,000 from the company owner into the Checking account. Show the effect on the accounting equation using the extended accounting equation. Account Balances Assets = $40,000 Liabilities = $10,000 Equity = $30,000 You write a check for $250 to make a payment on a loan. What are the new account balances