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Drag the account types to form the expanded accounting equation. Begin the equity section with capital....

Drag the account types to form the expanded accounting equation. Begin the equity section with capital. Then, identify whetheEnter the missing value to balance the equation. = 48,000 + 8,000 – 18.000 + 4,000 - 24,000 96.000 = + 35,000 - 12.000 + 47,0Build a T-account for each account title. Label the DR (debit), CR (credit), NB (normal balance), and + or Debit Credit NorUsing the expanded accounting equation, calculate and enter the answers for each question. You will need to use the answers y

Drag the account types to form the expanded accounting equation. Begin the equity section with capital. Then, identify whether the item increases, '+', or decreases, '', equity. Owner, Capital: Cash Owner, Withdrawals Accounts Receivable Accounts Payable Revenues Expenses Unearned Revenues Liabilities : Assets Drag card here Drag card here Drag card here Drag card here Drag card here Drag card here
Enter the missing value to balance the equation. = 48,000 + 8,000 – 18.000 + 4,000 - 24,000 96.000 = + 35,000 - 12.000 + 47,000 - 3,000 30,000 = 16,000 + - 17,000 + 31,000 - 16,000 3 Identify the part of the expanded accounting equation for each account title. Truck Repairs and Maintenance Expense Expense Interest Payable Owner, Capital Owner, Withdrawals Interest Revenue
Build a T-account for each account title. Label the DR (debit), CR (credit), NB (normal balance), and "+" or Debit Credit Normal Balance Office Furniture Owner, Capital Owner, Withdrawals 一一一一一一 Supplies Expense Accounts Payable Service Revenue + - +|-| + 十
Using the expanded accounting equation, calculate and enter the answers for each question. You will need to use the answers you calculate for beginning and ending equity to answer the rest of the questions. Assets Liabilities Beginning of Year: $25,000 $15.000 End of Year: $62,000 S25.0DD 1) What is the equity at the beginning of the year? 2) What is the equity at the end of the year? Beginning Equity Ending Equity 3) If the owner contributes $7,900 and the owner withdraws $36,400, how much is net income (loss)? 4) If net income is $3,300 and owner withdrawals are $6,800, how much did the owner contribute (owner, capital)? Net Income (Loss) Owner, Capital 5) If the owner contributes $16,800 and net income is $17,100, how much did the owner withdraw (owner, withdrawals)? 6) If the ner contributes $43,100 and the owner withdraws $1,400, how much is net income (loss)? Owner Withdrawals Net Income (Loss)
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Answer #1

1) The accounting Equation is as follows.

Assets = Liabilities + Owners Equity + Revenues - Expenses - Owner's Withdrawal's

2)

18,000 = 48,000 + 8,000 - 18,000 + 4,000 - 24,000

96,000 = 29,000 + 35,000 - 12,000 + 47,000 - 3,000

30,000 = 16,000 + 16,000 - 17,000 + 31,000 - 16,000

3) Truck - Assets

Interest Payable - Liabilities

Owner Withdrawals - Owners withdrawals

Repairs and Maintenance Expense - Expense

Owners Capital - Owners Equity

Interest Revenue - Revenues

4)

Office Furniture Owner Capitals Owner Withdrawal
+ - - + + -
Debit Credit Debit Credit Debit Credit
Normal Balance Normal Balance Normal Balance
Supplies Expense Accounts Payable Service Revenue
+ -
Debit Credit Debit Credit Debit Credit
- + - +
Normal Balance Normal Balance Normal Balance

5)

1) Beginning Equity = Beginning Assets - Beginning Liabilities

= $ 25,000 - $15,000

Beginning Equity = $10,000

2)

Ending Equity = Ending Assets - Ending Liabilities

= $ 62,000 - $25,000

Ending Equity = $37,000

3) Net Income ( Loss) = Beg Equity + Owner's Capital - Owner's Withdrawal - End Equity

= $10,000 + $7,900 - $36,400 - $37,000

Net Income ( Loss) = ($55,500)

4) Owner Capital =  Net Income + Owner's Withdrawal + End Equity - Beg Equity

   = $3,300 + $6,800 + $37,000 - $10,000

Owner Capital = $37,100

5) Owner Withdrawals = Beg Equity +Owners Capital - Net Income - End Equity

= $10,000 + $16,800 + $17,100 - $37,000

Owner Withdrawals = $6,900

6)

Net Income ( Loss) = Beg Equity + Owner's Capital - Owner's Withdrawal - End Equity

= $10,000 + $43,100 - $1,400 - $37,000

Net Income ( Loss) = $14,700

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