Question: Sing the accounting equation, compute the missing elements. Assets = Liabilities + Owner's Equity $fill in the blank 1 = $29,560 + $16,800 $31,190 =

Sing the accounting equation, compute the missing elements.

Assets=Liabilities+Owner's Equity
$fill in the blank 1=$29,560+$16,800
$31,190=$17,120+$fill in the blank 2
$29,530=$fill in the blank 3+$18,850

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There are three different ways the accounting equation may be expressed:

  1. Assets = Liabilities + Owner's Equity
  2. Assets – Liabilities = Owner's Equity
  3. Assets – Owner's Equity = Liabilities

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