Homework Answers
Solution:
1 & 2
| # | Assets | = | Liabilities | + | Owner's Equity |
| Ex. | Cash +25,000 | +25,000 | |||
| 1 | Cash +3,000 | Revenues +3,000 | |||
| 2 | A/R +7,000 | Revenues +7,000 | |||
| 3 | Cash -800 | Expenses -800 | |||
| 4 | Cash +3,800 | ||||
| A/R -3,800 | |||||
| 5 | Cash -1,500 | Drawings -1,500 | |||
| 6 | A/P + 220 | Expenses -220 | |||
| 7 | Cash -220 | A/P -220 |
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