Homework Answers
Solution:
| Assets | = | Liabilities | + | Stockholders` Equity | |||||||
| Sl No. | Particular | Increase / (Decrease) | Amount | = | Particular | Increase / (Decrease) | Amount | + | Particular | Increase / (Decrease) | Amount |
| a | Cash | Increase | $ 4,000 | = | + | Capital | Increase | $ 4,000 | |||
| b | Equipment | Increase | $ 2,000 | = | Note Payable | Increase | $ 1,600 | + | |||
| Cash | Decrease | $ (400) | = | + | |||||||
| c | Cash | Decrease | $ (1,300) | = | Accounts Payable | Decrease | $ (1,300) | + | |||
Notes:
1) In third transaction, Queen Bee pays off means paid the accounts payable.
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