What is the standard accounting equation

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Reference no: EM132675746

Question - Accounting Equation - For each of the following independent case, fill in the blank with appropriate peso amount.

Case1 Case 2 Case 3 Case 4

Total Assets, December 31 400,000 225,000 200,000

Total Liabilities, December 31 30,000 75,000 40,000

Owner's Equity, December 31

Owner's Equity, January 1 100,000 10,000 60,000

Total Revenues Earned during the period 170,000 28,000 124,000

Total Expenses Incurred during the period 80,000 14,000 85,000 54,000

Owner's withdrawal for the period 20,000 2,000 9,000 10,000

Required -

1. What is the standard accounting equation?

2. How does this important concept help you in understanding the rules of debits and credits?

Reference no: EM132675746

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