Question

Mia Aiken decided to open Mia's Nail Spa Mia completed the following transactions (Click the icon to view the transactions) Based on this information, record these transactions into the basic accounting equation 0 More Info Transaction lines are identified by the corresponding transaction letter (a, b, etc) the net effect of a transaction on an acc Calculate the ending balances on the "Bal" line for applicable account categories that have a non-zero balance of a box is In an account category with a minus sign of parentheses) Liabilities Accounts Payable + Assets Cash + Store Equipment 21000 17200 Owner's Equity M Aiken Capital 21000 210001 a. Invested 521.000 cash from her personal bank account into the busines b. Bought store equipment for cash 53.800 Bought additional store equipment on account, 55,800 d. Paid 5000 cash to partially reduce what was owed from Transaction 1500 17200 58001 5800 Print Done
hey just super confused that im not doing this right? when you buy equipment for cash, doesnt your cash get subtracted by that amount? any help would be greatly appreciated

Answer 1

Answer:

	Assets				Liabilities		Owner's Equity
	Cash	+	Store equipment	=	Accounts payable	+	M.Aiken, Capital
a	$21,000	+		=		+	$21,000
b	($3,800)	+	$3,800	=		+
c		+	$5,800	=	$5,800	+
d	($900)	+		=	($900)	+
Balance	$16,300	+	$9,600	=	$4,900	+	$21,000