Accounting Equation
Total assets= Total liabilities + Shareholders equity
Transaction No. | Inventory | Cash |
Prepaid Insurance |
Accounts receivable |
Total ($) |
= | Liability | Equity |
Total ($) |
1 | 750 | 0 | 0 | 0 | 750 | 750 | 750 | ||
Balance | 750 | 0 | 0 | 0 | 750 | = | 750 | 0 | 750 |
2 | 0 | 0 | 0 | 8000 | 8000 | 0 | 8000 | 8000 | |
Balance | 750 | 0 | 0 | 8000 | 8750 | = | 750 |
8000 |
8750 |
3 | 0 | (3000) | 3000 | 0 | 0 | 0 | 0 | 0 | |
Balance | 750 | (3000) | 3000 | 8000 | 8750 | = | 750 | 8000 | 8750 |
4 | 0 | 0 | (1000) | 0 | (1000) | 0 | 1000 | (1000) | |
Balance | 750 | (3000) | 2000 | 8000 | 7750 | = | 750 | 7000 | 7750 |
5 | 0 | 2000 | 0 | 0 | 2000 | 2000 | 0 | 2000 | |
Balance | 750 | (1000) | 2000 | 8000 | 9750 | = | 2750 | 7000 | 9750 |
6 | (500) | 0 | 0 | 0 | (500) | 0 | (500) | (500) | |
Balance | 250 | (1000) | 2000 | 8000 | 9250 | = | 2750 | 6500 | 9250 |
7 | 0 | 0 | 0 | 20000 | 20000 | 0 | 20000 | 20000 | |
Balance | 250 | (1000) | 2000 | 28000 | 29250 | = | 2750 | 26500 | 29250 |
8 | 0 | 19800 | 0 | (20000) | (200) | 0 | (200) | (200) | |
Balance | 250 | 18800 | 2000 | 8000 | 29050 | = | 2750 | 26300 | 29050 |
9 | 33000 | 0 | 0 | 0 | 33000 | 33000 | 0 | 33000 | |
Balance | 33250 | 18800 | 2000 | 8000 | 62050 | = | 35750 | 26300 | 62050 |
10 | 0 | (33340) | 0 | 0 | (32340) | (33000) | 660 | 32340 | |
Balance | 33250 | (13540) | 2000 | 8000 | 29710 | = | 2750 | 26960 | 29710 |
Note:
Effect of any income statement related item is given in equity
For suppose,
Providing services of $8000 to patients on account is a service revenue. Thus it can be added to the equity and also expenses have been subtracted from the equity
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DO VOTE, ALL THE BEST
Transaction# | Assets | Liabilities | Shareholders' equity |
1 | +$750 (supplies) | +$750 (Accounts payable) | |
2 | +$8,000 (Accounts receivable) | +$8,000 (Revenue) | |
3 | -$3,00(Cash) +$2,000 (Prepaid insurance) | -$1000(expenses) | |
4 | -$1,000 (insurance policy) | -$1,000(expenses) | |
5 | +2,000(cash) | +$2,000(advance received) | |
6 | -$500 (supplies) | -$500(Expenses) | |
7 | +$20,000 (Accounts receivable) -$14,000 ( Inventory) | +$6.000 (Revenue) | |
8 | -$20,000(Accounts receivable) +$19,800(Cash) | -$200(expenses) | |
9 | +$33,000 (Inventory) | +$33,000 (accounts payable) | |
10 | -$32,340(cash) | -$33,000(Accounts payable) | +$660(revenue) |
$ 12,710 | $ 2,750 | $ 9,960 |
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