Question

Cynthia Sanchez • 3 23h Accounting Equation Elements and Journal Entries Create a post about the accounting equation, elements and effects on elements through a increase or decrease Requirement 1: Place your name in the post title, Requirement 2: State the accounting equation and which accounting element or elements the post will concentrate on Requirement 3: Give an example of a journal entry and specify effect on each element. Please Note: You do not need to respond to any other classmate; however, the journal entry must be unique and not duplicated on the board. Another words, learners may NOT Use joumal entry examples already posted before their own posts. Anonimo 221 Anónimo Cynthia Sanchez Anonimo Michael Flores Example Norberto Serna David Lara Example Cynthia Sanchez Example The accounting equation is Assets - Liabilities + Owners Equity The accounting equation is Assets - Liability + Owner's Equity The accounting equation is Assets Liabilities + Owners Equity I will concentrate the following accounting elements in this posts Assets and Owners Equity (specifically Revenue) I will concentrate the fallowing accounting elements in this posts. Liability and Owner's Equity (specifically Rent Expense) Twill concentrate the following accounting elements in this posts ability and the Owner's Equity specifically the amount of time left to pay off Liability) A business Transaction affecting the accounting equation is one in which we the company provide tax reporting services (1040 long form to individual customer for $150 and the customer pays our company cash First cash an ASSET account is increased USC cash is comm e the company Trotthe customer to increase The accounting equation is the following Assets Liability+Owners Equity I will be concentrating the following elements in my post Laby and Owners Equity (Putting a downpayment on car with cash and paying the rest of it off in peyments) A business transaction affecting the accounting c ation is one which the persones his own money to pula Dodatna Cha So down on a 2020 Toyol THEOITH The Luv là Tacoma with Taxes and interest coits about appreciately a 35.000 to San 000 The penpol down those $6000 on the Toros Tacoma while A business Transaction affecting the accounting alon is one which the corny has oke loan from a bank of $4,000 to Day for the rest of the stores thing to do is to credit Account Payable which is another es elemend for 40 That's the one on the bank the second part is to debent in Expenfor Acou which A business transaction is affecting the accounting equation is one which the an individual took a loan from a back for $120,000 to purchase a nous No down payment wils given the individual has paid 5/45 a month for 12 years on This house with interest already calculated in those payments the owner's equity is $90.00 L

i need help creating a post

Answer 1

DX Styles Accounting equation is simply an expression of the relationship among assets, liabilities and owner's equity in a business. Assets = Liabilities + Owner's Equity I will concentrate the following accounting elements in this post: Assets and Owner's Equity (specifically Collect An Account Receivable) A business transaction affecting the accounting equation is one in which the company collects $10,000 from a customer on an existing account receivable (i.e., not a new sale, just the collection of an amount that is due from some previous transaction), then the balance sheet would be revised to show that cash (an asset) increased from $25,000 to $35,000, and accounts receivable (an asset) decreased from $50,000 to $40,000. As a result total assets did not change, and liabilities and equity accounts were unaffected. The entry is as follows: $10.000 Cash DR. $10,000 Accounts Receivable CR.