Question: Presented below is the Basic Accounting Equation. Find the missing amounts: No Assets Liabilities + Owner's Equity 1 125,000 45,000 2 68,000 92.000 384,000 65,000

 Presented below is the Basic Accounting Equation. Find the missing amounts:

Presented below is the Basic Accounting Equation. Find the missing amounts: No Assets Liabilities + Owner's Equity 1 125,000 45,000 2 68,000 92.000 384,000 65,000 Complete the following table (Use + for Increase, - for Decrease & NE for no effect): Transaction Assets Liabilities Owners Equity Paid Rent Expense Withdrew cash for personal use Bought equipment on account Classify the following accounts as an Assets, Liabilities, or Owners Equity : No Account Classification No Account Classification I Cash 5 Delivery Equipment 2 Capital 6 A/c Receivable 3 Fees Income 7 Supplies Expense 4 A/c Payable 8 Delivery Supplies The following are transactions for Al-Raja Services during November 2009. Show the effect of each transactions on the Accounting Equation : 1- Bought supplies by cash BD. 100. 2- Performed services on account BD 200. 3- Received from debtors the amount due. No Assets Liabilities Owners Equity Cash Supplies A/c Rec. A/c Payable Capital 1 2

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!