Showing Page:
1/21
Sign up to view the full document!
lock_open Sign Up
Showing Page:
2/21
Sign up to view the full document!
lock_open Sign Up
Sign up to view the full document!
lock_open Sign Up
Showing Page:
4/21
Sign up to view the full document!
lock_open Sign Up
End of Preview - Want to read all 21 pages?
Access Now
Unformatted Attachment Preview
Chapter 1Grade 9 BritishPurchased delivery equipment for$1,200 cash.Determine which accounts haveincreased or decreased.INCREASEDDECREASEDDELIVERYEQUIPMENTCASHASSETASSETLet’s look at the accountingequation.ASSETSCASH +DEL. EQUIP.–$1,200 ++$1,200= LIAB. + O. E.==The right hand sideof the equation isnot affected.Does the accounting equationbalance?ASSETSCASH +DEL. EQUIP.–$1,200 ++$1,200= LIAB. + O. E.==Yes!Total assets stayed the same. One assetincreased, the other decreased. Nochange in liabilities or owner’s equity.CASH$2,000– 1,200BAL. $ 800ASSETSDEL. EQUIP.$1,200$1,200LEFT SIDE OF EQUATION:CASH$ 800DEL. EQUIP.1,200TOTAL ASSETS$2,000LIABILITIESOWNER’S EQUITYBAL.$0$2,000BAL.$0$2,000RIGHT SIDE OF EQUATION:LIABILITIESOWNER’S EQUITYTOTAL LIAB. & O.E.$02,000$2,000Purchased OFFICE SUPPLIES oncredit for $900.What happened?Identify the accounts that areaffected.Classify these accounts as assets,liabilities, or owner’s equity.Jessica is buying this delivery equipment“on credit. She will make payments afterthree months.NO CASH WAS EXCHANGED TODAYWhat happened?Identify the accounts that are affected.Classify these accounts as assets,liabilities, or owner’s equity.ASSETTRADEPAYABLELIABILITYDetermine which accounts haveincreased or decreased.DELIVERYEQUIPMENTASSETINCREASEDTRADEPAYABLELIABILITYINCREASEDLet’s look at the ...
Purchase document to see full attachment
User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.
Review
Review
Anonymous
Really helped me to better understand my coursework. Super recommended.
Studypool
4.7
Indeed
4.5
Sitejabber
4.4
Most Popular Study Documents
30 pages
Week 3 Assignment Data Analytics Problem Set Excel Template 1. You have twelve problems - one on each tab of this Excel file. 2. Please show your work in the cells. Use Excel formula ... Week 3 Assignment Data Analytics Problem Set Excel Template 1. You have twelve problems - one on each tab of this Excel file. 2. Please show your work in the cells. Use Excel formulas instead of writing the ...4 pages
understanding the self psychology101 Understanding oneself is one of the most interesting and challenging task that an individual should be able to achieve in ... understanding the self psychology101 Understanding oneself is one of the most interesting and challenging task that an individual should be able to achieve in a lifetime. Most of the ...7 pages
Week 3 team project B Y: K R I S T O P H E R L E A , Q U A N TA R S H AY C U R T I S , Z A C H A R Y Week 3 team project B Y: K R I S T O P H E R L E A , Q U A N TA R S H AY C U R T I S , Z A C H A R Y4 pages
Discussion Posts Gestalt and existential psychotherapy have several components that are somehow similar and different when compared. Gestal ... Discussion Posts Gestalt and existential psychotherapy have several components that are somehow similar and different when compared. Gestalt psychotherapy focuses on ...View more
