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John Sullivan started a business. During the first month, the following transactions occured. Show the effect of each transaction on the accounting equation: Assets=Liabilities+ Owner's Equity. After

John Sullivan started a business. During the first month, the following transactions occured. Show the effect of each transaction on the accounting equation: Assets=Liabilities+ Owner's Equity. After each transaction, show the new totals.

(a) invested cash in the business, $27,000.

(b) bought equipment on account, $7,500

(c) bought office equipment for cash, $1,600

(d) paid cash on account to supplier in transaction (b), $2,300

 

Sep 11 2020 Read more Less More

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