1 explain the basic accounting equation how does the double

Assignment Help Accounting Basics

Reference no: EM13387497

1. Explain the basic accounting equation. How does the double entry accounting system work?

2. What is the accounting journal?

3. Create a journal entry and a T-account entry for each of the following transactions:

a. $30,000 worth of supplies purchased with cash

b. $10,000 worth of supplies used to provide clients with goods and services

c. Wages due to employees that had been previously recorded as a liability now paid in cash in the amount of $50,000

d. Bills submitted to insurance companies in the amount of $90,000 for services rendered to patients

e. Cash payments of $60,000 received for services previously provided and billed

f. $5,000 worth of additional supplies purchased on account

Reference no: EM13387497

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