Challenge 1-Task 1
| Task 1: At the end of the year, Sophia provides you with a list of accounts and their balances. You must place these accounts and their balances into the accounting equation to show her how they can be classified as assets, liabilities, and owner’s equity. | |||
| Sisters, Capital | 15,000 | ||
| Utilities Expense | 450 | ||
| Cleaning Revenue | 7,500 | ||
| Cash | 5,900 | ||
| Building | 10,000 | ||
| Sisters, Withdrawal | 2,000 | ||
| Accounts Payable | 400 | ||
| Wages Expense | 2,125 | ||
| Cleaning Supplies | 550 | ||
| Insurance Expense | 800 | ||
| Cleaning supplies expense | 800 | ||
| Miscellaneous Expense | 275 | ||
| ANSWER | |||
| Assets | Liabilities | Owner’s Equity | |
| Total | – 0 | 0 | – 0 |
