O 0710

Question

Question

business accounting

Answer 1

Answer #1

Solution:

Change in Total liabilities would be = Amount given as decrease in assets + amount given as increase in owners' equity

= $86,710 + 69,771

= $156,481 (Decrease)

Cross checking:

change in assets = Change in liabilities + change in owners' equity

- $86,710 = -$156,481 + $69,771

-$86,710 = - $86,710

We know that both side of accounting equation are always equal as proved in above as.

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Answer 2

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