The Basic Accounting Equation
For Example: If Assets = $50000 and Liabilities = $18
Accounting equation exercises and solutions pdf
Assets= Liabilities + Owner's Equity The equality of both parts of the equation is always maintained. For deep understanding of accounting equation following
QUESTION 1 – ACCOUNTING EQUATION [95 marks; 30 minutes]
01-Jun-2015 The following transactions were taken from the financial records of Naidoo Supermarket. Analyse the transactions in the accounting equation on ...
Accounting Equation and Transaction Analysis
Once we understand the three types of accounts we can analyze how transactions affect the basic accounting equation. Any change on one side of the equation
Chapter Two Exercises Accounting in Action Basic Accounting
Basic Accounting Equation. 1) Translate the following Accounts to Arabic to make it easier for you to memorize: Account. Account in Arabic. Account. Account in
ACC 210
Accounting Equation e. Exercises: Apply the accounting equation to the financial statements. f. Basic Accounting Principles. Knowledge of Business Processes.
Course Timetable DETAILED COURSE SESSION STUDENT WORK
Work on exercises Chapter 2 (these are to be solved in session 6). 15. 4. 3. 6. Exercises Chapter 2 (The accounting equation and profit and loss account). X.
Accounting Study Guide: Solutions to Exercises
The main elements of a Balance Sheet are: Assets Liabilities and Equity. 2. What is the Accounting Equation? TOTAL ASSETS = TOTAL LIABILITIES + EQUITY. 3.
CHAPTER 3 THE ACCOUNTING CYCLE: CAPTURING ECONOMIC
Accounting equation relationships. 2–6. OVERVIEW OF BRIEF EXERCISES EXERCISES
Accounting Lesson to Prepare for UIL Accounting Contest Lesson
Lesson Plan Title: The Accounting Equation for the Corporation similar to the ones in the exercises of this lesson (attention should be given to.
4 ACCOUNTING EQUATION
Accounting equation is thus affected by every business transaction. Any increase or decrease in assets
Ledger Accounting and DoubleEntry Bookkeeping
3 Duality double entry and the accounting equation accounts (approx 4 per account) – this exercise is continued in chapter.
The Accounting Equation
Instructions: For each transaction listed below write what accounts would be affected
Accounting Study Guide: Solutions to Exercises
The main elements of a Balance Sheet are: Assets Liabilities and Equity. 2. What is the Accounting Equation? TOTAL ASSETS = TOTAL LIABILITIES + EQUITY. 3.
Accounting equation exercises and solutions pdf
Accounting equation exercises and solutions pdf. As a result of the EU's General Data Protection Regulation (GDPR).We are not permitting internet traffic to
Exercises Answers Fundamentals Accounting Principles 20th Edition
Exercise 1. Applying Basic Accounting. Equation. Royals Palm Inc. reports the following assets and liabilities. Compute the totals that would appear in
Notes on Growth Accounting1
17 Dec 1998 Later sections place the growth-accounting exercise within the con- ... In an extended version of equation 5 the growth.
CHAPTER 2
Classify these accounts as assets liabilities
Introducing the Accounting Equation with M&Ms
On the first day of Principles of Accounting classes students learn the fundamental accounting equation from which all financial accounting practice emerge
Instructions: For each transaction listed below, write what accounts would be affected, what type of
account it is (asset, liability, capital, drawing, revenue, expense), whether the account would increase or
decrease, and by how much.TRANSACTION ACCOUNTS
AFFECTED
ACCOUNT
CLASSIFICATION
̓ AMOUNT
1. Received cash from Peter Smith, owner,
as an investment, $2,000.00.Cash Asset + 2000
2. Paid cash for insurance, $600.00. Prepaid Insurance Asset + 600
Cash Asset - 600
Supply Company, $100.00.
Supplies Asset + 100
Acct Payable Liability + 100
4. Paid cash for supplies, $500.00. Supplies Asset + 500
Cash Asset - 500
Paid cash on account to York Company,
$300.00.Acct Payable Liability - 300
Cash Asset - 300
Paid cash for rent, $300.00. Rent Expense OE - 300Cash Asset - 300
5. Paid cash to Peter Smith, owner, for
personal use, $150.00.Cash Asset - 150
Received cash from sales, $800.00. Cash Asset + 800Revenue OE + 800
Paid cash for equipment repairs, $100.00. Repairs Expense OE - 100Cash Asset - 100
6. Sold services on account to Lisa Lee,
$400.00.Acct Receivable Asset + 400
Revenue OE + 400
Paid cash for charitable contributions,
$35.00.Contributions Expense OE - 35
Cash Asset - 35
7. Received cash on account from Lisa Lee,
$300.00.Cash Asset + 300
Acct Receivable Asset - 300
Assets =
Transaction
No. Cash Accts.
Rec. Supplies Prepaid
Ins. Accts. Pay.
(various)Beg. Bal.
1 $0 +2000$0 $0 $0 $0 $0 +2000 (Capital)
New Bal.
2 2000-600 0 0 0 +600
0 2000
New Bal.
31400 0 0
+100600 0
+100
2000
New Bal.
4 1400-500 0 100 +500
600 100 2000
New Bal.
5 900-150
0 600 600 100 2000
-150 (Drawing)New Bal.
6 750 0+400
600 600 100 1850
+400 (Revenue)New Bal.
7 750+300
400
-300
600 600 100 2250
New Bal. 1050 100 600 600 100 2250
ACCOUNTING CHAPTERS 1-3 SECTION 3
HOW TRANSACTIONS CHANGE OWNERS EQUITY
Analyze the following transactions using the questions for analyzing transactions description of the transaction (investment, withdrawal, expense, revenue).August 12. Received cash from sales, $295.00.
Cash (Asset) +
Revenue (OE) +
August 12. Sold services on account to Oakdale School, $350.00.Accts Receivable (Asset) +
Revenue (OE) +
August 12. Paid cash for rent, $300.00.
Rent Expense (OE) -
Cash (Asset) -
August 12. Paid cash for telephone bill, $40.00.
Telephone Expense (OE) -
Cash (Asset) -
August 18. Received cash on account from Oakdale School, $200.00.Cash (Asset) +
Accts Receivable (Asset) -
August 18. Paid cash to owner for personal use, $125.00. OwnerCash (Asset) -
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