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Record the following transactions in the basic accounting equation: a
Record the following transactions in the basic accounting equation:
a. Brian invests $10,000 cash to begin an accounting service.
b. The company buys office furniture for cash, $600.
c. The company buys additional office furniture on account, $300.
d. The company makes a payment on the office furniture, $200.
Expert Solution
| Assets | = | Liabilities | + | Equity | |
|---|---|---|---|---|---|
| a. | $10,000 | = | + | $10,000 | |
| b. | = | + | |||
| c. | 300 | = | 300 | + | |
| d. | (200) | = | (200) | + |
a. Increase Cash (Asset) and Increase Capital (Equity) for $10,000.
b. Increase Office Furniture (Asset) and decrease Cash (Asset) for $600.
c. Increase Office Furniture (Asset) and Increase Accounts Payable (Liability) for $300.
d. Decrease Accounts Payable (Liability) and decrease Cash (Assets) for $200.
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