Question: Why is this incorrect? Jones Enterprises was started on January 1, Year 1, when it acquired $6,000 cash from creditors and $10,000 from owners. The

Why is this incorrect? Why is this incorrect? Jones Enterprises was started on January 1, Year

Jones Enterprises was started on January 1, Year 1, when it acquired $6,000 cash from creditors and $10,000 from owners. The company immediately purchased land that cost $12,000. The land purchase was the only transaction occurring during Year 1. Required a. Record the events under an accounting equation. (Enter any decreases to account balances with a minus sign.) Answer is not complete. JONES ENTERPRISES Equation Accounting Equation Land Creditors Stockholders' Equity $ 6,000 10,000 12,000 Cash $ 16,000 (12,000) + + + Bal. $ 4,000 + $ 12,000 $ 6,000 + $ 10,000

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