Using the accounting equation [5 min]
Turtle Creek Kennel, Inc., earns service revenue by caring for the pets of customers. Turtle Creek’s main expense is the salary paid to an employee.
1. Write the accounting equation for the following transactions:
a. Received $320 cash for service revenue earned.
b. Paid $125 cash for salary expense.
c. Earned $440 for service revenue, but the customer has not paid Turtle Creek Kennel yet.
d. Received utility bill of $65, which will be paid next month.
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