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ACC 205 Week 1 Basic Accounting Equations

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Accounting

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Homework

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Running Head: BASIC ACCOUNTING EQUATIONS 1
Basic Accounting Equations
ACC 205

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BASIC ACCOUNTING EQUATION 2
Basic Accounting equations
1. Basic Concepts: Identification of assets(A), liability(L), revenue(R), or expense(E)
a. A
b. E
c. L
d. A
e. R
f. A
g. A
h. E
2. Analysis of transactions
Assets=Liabilities + Owners Equity
a. Total assets “-$5,000“
Owners Equity “-$5,000“
b. Total assets “+“
Liabilities “+”
c. Total assets “+”
Owners Equity “+”
d. Total assets “-“
Owners Equity “-“
e. Total assets “+$22,000”
Liability “+$22,000”
f. Total assets “+$11,000”
Owners Equity “+$11,000”
g. Total assets “-“
Liabilities “-“
h. Total assets “-“
Liabilities “-“
3. Balance Sheet preparation
Preston Company
Balance Sheet as at December 31, 19XX
Fixed assets: $ $
Building 44,000
Land 21,000

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BASIC ACCOUNTING EQUATION 3
Total Fixed assets 65,000
Current Assets:
$ $
Accounts Receivable 24,000
Cash 17,000
Total current assets 41,000
Total Assets 106,000
Liabilities:
Current liabilities:
Accounts payable 11,000
Non-current assets:
Loan payable 30,000
Total liabilities 41,000
Equity
Capital 65,000
Total Equity and liability 106,000

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