Homework Answers
Balances after this event
| Assets | Liabilities | Shareholder's equity | |
| $ 7,000.00 | $ 5,000.00 | $ 2,000.00 |
The balances will remain the same because the increase in one asset (equipment) is equal to decrease in another asset (Cash) so the net effect on total asset is Nil.
| Assets | Liabilities | Shareholder's equity | |
| Beginning balance | $ 7,000.00 | $ 5,000.00 | $ 2,000.00 |
| Increase in Equipment | $ 500.00 | ||
| Decrease in cash | $ (500.00) | ||
| Ending balance | $ 7,000.00 | $ 5,000.00 | $ 2,000.00 |
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