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    Sahar_sunstar's Avatar
    Sahar_sunstar Posts: 1, Reputation: 1
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    #1

    Jul 11, 2007, 08:18 PM
    accounting solving
    betty sullivan decided to open betty's dog grooming center. Betty completed the following transaction
    [list]
    a) invested $ 19,000 cash from her personal bank account into the business
    b) bought equipment for cash $ 3,000
    c) bought additional equipment on account, $2,000
    d) paid #300 cash to partially reduce what was owed from transactionc.

    based on this information, record these transactions into the basic accounting equation
    richsaha2007's Avatar
    richsaha2007 Posts: 53, Reputation: 6
    Junior Member
    		  
    #2

    Jul 11, 2007, 09:31 PM
    Quote Originally Posted by Sahar_sunstar
    Betty Sullivan decided to open Betty's Dog Grooming Center. Betty completed the following transaction
    [LIST]
    A) INVESTED $ 19,000 CASH FROM HER PERSONAL BANK ACCOUNT INTO THE BUSINESS
    B) BOUGHT EQUIPMENT FOR CASH $ 3,000
    C) BOUGHT ADDITIONAL EQUIPMENT ON ACCOUNT, $2,000
    D) PAID #300 CASH TO PARTIALLY REDUCE WHAT WAS OWED FROM TRANSACTIONC.

    BASED ON THIS INFORMATION, RECORD THESE TRANSACTIONS INTO THE BASIC ACCOUNTING EQUATION
    A. cash 19000
    Owner capital 19000

    B. equipment 3000
    cash 3000

    C. equipment 2000
    Account payable 2000

    D. Account payable 300
    cash 300


    Assets = Liabilities + Equity
    20700 = 1700 + 19000
    Arcelli's Avatar
    Arcelli Posts: 2, Reputation: 1
    New Member
    		  
    #3

    Mar 9, 2011, 07:54 AM
    Asset Liabilities Owners Equity
    Cash Equipments Account payable
    A.$19,000 A. $19,000 B.-$3,000 B. $3,000
    C. $2,000 C. $2,000
    D.-$300 D. -$300

    =15,700+5,000= (20,700) 1,700 + 19,000=(20,700)
    Asset=Liabilities+Owners Equity
    20,700= 20,700
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