EZ Copy – The Accounting Equation

Determine the effects of transactions on the accounting equation.

EZ Copy had the transactions listed below during the month of June. Show how each transaction would be recorded in the accounting equation. Compute the totals at the end of the month. The headings to be used in the equation follow.

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Assest = liabilities  +  Owner’s eqiupment

Cash + accounts receiveable  + equipment  = accounts payable  + John Amos Capital  + Revenue  – Expenses

Transactions:

1. John amos started the business with a cash investment of $60,000.

2. Purchased eqiupment for $22,000 on credit.

3. Performed services for $31,000 in cash.

4. Purchased additional equipment for $4,600 in cash.

5. performed services for $5,050 on credit.

6. Paid salaries of $4,450 tpo employees.

7. received $3,200 cash from charge account customers.

8. Paid $13,000 to a creditor on account.