Record the following transactions in the basic accounting equation:
a. Luke invests $25,000 cash to begin a financial planning service.
b. The company buys office furniture for cash, $1,200.
c. The company buys additional office furniture on account, $600.
d. The company makes a payment on the office furniture, $400.
Luke's Financial Planning
ASSETS = LIABILITIES + OWNER'S EQUITY
Cash + Office Furniture = Accounts Payable + Luke's, Capital

a.
b.
c.
d.
Totals

Question

Record the following transactions in the basic accounting equation:
a. Luke invests $25,000 cash to begin a financial planning service.
b. The company buys office furniture for cash, $1,200.
c. The company buys additional office furniture on account, $600.
d. The company makes a payment on the office furniture, $400.
Luke's Financial Planning
ASSETS = LIABILITIES + OWNER'S EQUITY
Cash + Office Furniture  = Accounts  Payable + Luke's, Capital

a.
b.
c.
d.
Totals

Quizplus · Accepted Answer

The Answer of Record the following transactions in the basic accounting equation:
a. Luke invests $25,000 cash to begin a financial planning service.
b. The company buys office furniture for cash, $1,200.
c. The company buys additional office furniture on account, $600.
d. The company makes a payment on the office furniture, $400.
Luke's Financial Planning
ASSETS = LIABILITIES + OWNER'S EQUITY
Cash + Office Furniture  = Accounts  Payable + Luke's, Capital

a.
b.
c.
d.
Totals

Record the Following Transactions in the Basic Accounting Equation