Accounting Equation
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Homework Answers
| DATE | CASH | A/R | SUPP. | EQUIP | CAR | A/P | N/P | CAPITAL |
| Jan-01 | 30000 | 30000 | ||||||
| 3 | -1500 | 1500 | ||||||
| 5 | 400 | 400 | ||||||
| 12 | -2000 | 12000 | 10000 | |||||
| 14 | 1000 | |||||||
| 15 | -600 | |||||||
| 18 | -2000 | -2000 | ||||||
| 24 | 2500 | |||||||
| 27 | 500 | -500 | ||||||
| 30 | -400 | -400 | ||||||
| TOTAL | 26500 | 500 | 400 | 1500 | 12000 | 400 | 8000 | 29600 |
ACCOUNTING EQUATION:
ASSETS=EQUITY +LIABILITIES
IN THE ABOVE CASE TOTAL ASSETS =26500+500+400+1500+12000
=40900
LIABILITIES=8000+400=8400
CAPITAL + NET PROFIT =29600+2900=32,500
40900=8400+32500
40900=40900
NOTE:NET PROFIT =2500+1000-600=2900
DRAWINGS FOR PERSONAL USE ARE DEDUCTED FROM CAPITAL .
accounting equation
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