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Homework answers / question archive / Work with the Accounting Equation QuickBooks Desktop Reinforce Your Skills, Chapter 1 Donnell Construction Your Responses Write out the accounting equation

Work with the Accounting Equation QuickBooks Desktop Reinforce Your Skills, Chapter 1 Donnell Construction Your Responses Write out the accounting equation

Accounting

Work with the Accounting Equation

QuickBooks Desktop Reinforce Your Skills, Chapter 1 Donnell Construction

Your Responses

Write out the accounting equation.

Write out the extended accounting equation.

You have $72,612 in assets and $48,554 in liabilities. How much do you have in equity?

You have $429,759 in liabilities and $376,590 in equity. How much do you have in assets?

You have $115,679 in equity and $287,334 in assets. How much do you have in liabilities?

You produce an invoice for $1,346, increasing the Construction Income account. Show what other account is increased using the extended accounting equation.

You pay a bill for $195, decreasing the Checking account. Show what other account is decreased using the extended accounting equation.

You deposit a check for $15,000 from the company owner into the Checking account. Show the effect on the accounting equation using the extended accounting equation.

Account Balances Assets = $37,526 Liabilities = $12,845 Equity = $24,681

You write a check for $759 to make a payment on a loan. What are the new account balances?

Account Balances

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