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What are the new account balances

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Write out the accounting equation.

  1. Write out the extended accounting equation.
  2. You have $56,309 in assets and $19,382 in liabilities. How much do you have in equity?
  3. You have $139,220 in liabilities and $589,300 in equity. How much do you have in assets?
  4. You have $75,200 in equity and $185,329 in assets. How much do you have in liabilities?
  5. You produce an invoice for $350, increasing the Sales account. Show what other account is increased using the extended accounting equation.
  6. You pay a bill for $75, decreasing the Checking account. Show what other account is decreased using the extended accounting equation.
  7. You deposit a check for $2,000 from the company owner into the Checking account. Show the effect on the accounting equation using the extended accounting equation.
  8. Account Balances

Assets = $40,000

Liabilities = $10,000

Equity = $30,000

Problem 1: You write a check for $250 to make a payment on a loan. What are the new account balances?

Reference no: EM132984006

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