Balance sheet equation format

Assignment Help Financial Accounting

Reference no: EM13942221

Use the following balance sheet equation format to show the effect of the following transactions. Write the account names that will be used for each transaction.

Account name

Total asset

Total liabilities

Paid-in capital

Retained Earnings

a) The owners invest $50,000 in the company.

b) The company purchases equipment costing $7,000 paying $3,000 with the remainder as a note payable.a) The owners invest $50,000 in the company.

c) The company acquires inventory costing $4,500, paying $2,500 with the remainder on an account.

d) Depreciation on the equipment was $200.

Reference no: EM13942221

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