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UNIT 1 THE ACCOUNTING EQUATION

UNIT1 ASSETSTHEACCOUNTINGEQUATIONLIABILITIES= OWNER' a ACCOUNT- a ' theprimaryaccountfortrackingtheinvestede quityofa 'SEQUITYis thenetworthofa +--+ +OWNER' +rewritingtheaccountingequationit shouldbenotedthatAssetsareontheopposites ideoftheequationfromLiabilitiesandOwner' :Thefollowingexamplewillshowonlythecurre nttransactioninformationineachT +OwnerIS ,asophomoreatStateUniversity,startedtheQ uickCleanLaundryServicewitha$ ,paid$ ~ ,purchasedLaundrySuppliesfor$ , ,purchased$48ofLaundryEquipmentpaying$ !.l:i, $ 'SEQUITYSTORAGEACCOUNTSWITHDRAWALSisa storageaccountusedtorecordperiodicdecrea sesinOwner' decreaseinOwner'sEquitycausedbya decreaseinAssets(usuallyCash)oranincreas einLiabilities(SalariesPayable,AccountsP ayable,etc.) ,Advertising, 'sEquitycausedbyanincreaseinAssets(usual lyCashorAccountsReceivable) ,InterestIncome, definitionsin PartVI to the +-= ~.Expense,Revenue,andWithdrawalsaretempo rarystorageaccountsusedtotrackchangesinO wner'sEquityandtheirpositiveornormalbala nceis consistentwiththeeventualchangetobemadei nOwner' ,expensesandwithdrawalsaredebitsbecauset heywilleventuallylowerOwner'sEquity,andR evenueisa creditbecauseit willeventuallyincreaseOwner' ,Expense,andWithdrawalsmayalsobethoughto faschangesinAssetsand/orLiabilitieswhich causeOwner' +OWner' Darinwithdrew$20 for Cashcollectedfor Laundryservicesperformedduringthe monthamountedto $140.

sole proprietorships and partnerships. COMMON STOCK is the primary account for ... Free Quick Notes Books has your free copies of accounting, economics, math, and statistics. Our 28 Free Internet Libraries have academic and career materials for students, teachers, and professional.

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