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1. • CommentAuthorjmrc1124
   • CommentTimeJul 3rd 2008

    
   i need to enter this transaction in the accounting equation and balance it...
   a. deposited 146,200 in a bank account int the name of the business.
   b.bougth equipment on account 71,210.
   c. invested personal equipment into the business 51,620
   d.paid office rent for the month 5,500
   e. bought supplies for cash 7,960
   f. paid preium for insurance cover on equipment 1,240
   g. peceived 8,960 as professional fees for services rendered
   h. paid salary 6,000
   i. received and paid bill for telephone service 640
   j. paid equipment part of the amount owned on the purchase of equipment. 4,200
   k. received 15,480 as professional fees for services rendered
   l. paid for the minor repairs of equipment 760
   m. withdrew cash for personal use 9,600
   ...i relly tried to solve it but it i cannot balance it...
   ...pls help me,anyone?...
2. • CommentAuthorhasan_ais_13th
   • CommentTimeJul 3rd 2008

    
   download this http://depositfiles.com/files/6371035
   
   hope it helps
3. • CommentAuthormarypmiller
   • CommentTimeJul 3rd 2008

    
   a) assets increase 146200 capital increases 146200 - the cash inflow would be either sales or owner input either way it would increase capital because the related increase in sales (if it is a sale) would increase net income thereby increasing capital
   b)assets increase 71210 liabilities increase 71210 - bought on credit
   c) increase capital 51620 increase asset(equipment) 51620
   d) decrease asset cash 7960, increase asset supplies by 7960 if being posted to a prepaid supplies account or decrease to capital if posted to supplies expense account because the increase in the expense would decrease your net income it would thereby decrease capital
   e)decrease assets (cash) by 5960 and decrease capital by 5960 - seeexplanation for d) as to why you decrease capital when increasing an expense
   f) decrease asset (cash) by 1240 and increase asset (prepaid insurance) by 1240 if posting to prepaid or decrease capital by 1240 if posting to insurance expense
   g) increase asset (cash) 8960 and increase capital (8960) an increase in revenues increases net income and thereby increases capital
   h) decrease asset (cash) and decrease capital by 6000
   i) decrease asset (cash) and decrease capital by 640
   j) decrease asset (cash) decrease liability (accounts payable) by 4200
   k) increase asset (cash) and increase capital by 15480
   l) decrease asset (cash) and decrease capital by 760
   m) decrease asset(cash) and decrease capital by 9600
   
   since Assets = Liabilities + Equity and assets increase on the debit and liabilities and capital increase on the credit and decrease on the debit substitute each into the equation example
   a) assets dr 146200 capital cr 146200 balances to zero
   b) assets dr 71210 liabilities cr 71210 balances to zero
   
   give this a try...
   hope it helps