Assets Liabilities Equity TOTAL ASSETS Peterson invests 3,000 into compar 250 is paid for rent rent exper Co. borrows 25.000 from bank Co buys inventory, 5.000 Ice buyswlding for 12.000 Sale on account for 6.000. Inventory cost 3.60 Erperve paid with cash Accounts Payable Note Payable Capital Peterson Totals . . Type of account Assets Liabilities Stockholders' equity Operating revenues Operating expenses Non-operating revenues & gains Non-operating expenses & losses Normal balance Debit Credit Credit Credit Debit Credit Debit To increase Debit Credit Credit Credit Debit Credit Debit To decrease Credit Debit Debit Debit Credit Debit Credit In this chapter, we will record the transactions, similar to what we recorded in chapter one, in a T account form and prove the equality of both sides of the fundamental accounting equation using a trial balance. You will do the following: (1) Determine the balances of T accounts (2) Present the fundamental accounting equation using the T account form and label the plus and minus side of an account. (3) Prepare a trial balance. Assets Liabilities Equity TOTAL ASSETS TOTAL LIAB & EQUITY Trial Balance 000 into company for rentrent expense Cabuys building for 12.000 Sale on count for co inventory cost 1.600 Expense pad with cash 500 Insurance for next year is bought, 100 Received 1.000 payment for Assets Liabilities Equity TOTAL ASSETS Peterson invests 3,000 into compar 250 is paid for rent rent exper Co. borrows 25.000 from bank Co buys inventory, 5.000 Ice buyswlding for 12.000 Sale on account for 6.000. Inventory cost 3.60 Erperve paid with cash Accounts Payable Note Payable Capital Peterson Totals . . Type of account Assets Liabilities Stockholders' equity Operating revenues Operating expenses Non-operating revenues & gains Non-operating expenses & losses Normal balance Debit Credit Credit Credit Debit Credit Debit To increase Debit Credit Credit Credit Debit Credit Debit To decrease Credit Debit Debit Debit Credit Debit Credit In this chapter, we will record the transactions, similar to what we recorded in chapter one, in a T account form and prove the equality of both sides of the fundamental accounting equation using a trial balance. You will do the following: (1) Determine the balances of T accounts (2) Present the fundamental accounting equation using the T account form and label the plus and minus side of an account. (3) Prepare a trial balance. Assets Liabilities Equity TOTAL ASSETS TOTAL LIAB & EQUITY Trial Balance 000 into company for rentrent expense Cabuys building for 12.000 Sale on count for co inventory cost 1.600 Expense pad with cash 500 Insurance for next year is bought, 100 Received 1.000 payment for
