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Cynthia Sanchez 3 23h Accounting Equation Elements and Journal Entries Create a post about the accounting equation, elements and effects on elements through a increase or decrease Requirement 1: Place your name in the post title, Requirement 2: State the accounting equation and which accounting element or elements the post will concentrate on Requirement 3: Give an example of a journal entry and specify effect on each element. Please Note: You do not need to respond to any other classmate; however, the journal entry must be unique and not duplicated on the board. Another words, learners may NOT Use joumal entry examples already posted before their own posts. Anonimo 221 Annimo Cynthia Sanchez Anonimo Michael Flores Example Norberto Serna David Lara Example Cynthia Sanchez Example The accounting equation is Assets - Liabilities + Owners Equity The accounting equation is Assets - Liability + Owner's Equity The accounting equation is Assets Liabilities + Owners Equity I will concentrate the following accounting elements in this posts Assets and Owners Equity (specifically Revenue) I will concentrate the fallowing accounting elements in this posts. Liability and Owner's Equity (specifically Rent Expense) Twill concentrate the following accounting elements in this posts ability and the Owner's Equity specifically the amount of time left to pay off Liability) A business Transaction affecting the accounting equation is one in which we the company provide tax reporting services (1040 long form to individual customer for $150 and the customer pays our company cash First cash an ASSET account is increased USC cash is comm e the company Trotthe customer to increase The accounting equation is the following Assets Liability+Owners Equity I will be concentrating the following elements in my post Laby and Owners Equity (Putting a downpayment on car with cash and paying the rest of it off in peyments) A business transaction affecting the accounting c ation is one which the persones his own money to pula Dodatna Cha So down on a 2020 Toyol THEOITH The Luv l Tacoma with Taxes and interest coits about appreciately a 35.000 to San 000 The penpol down those $6000 on the Toros Tacoma while A business Transaction affecting the accounting alon is one which the corny has oke loan from a bank of $4,000 to Day for the rest of the stores thing to do is to credit Account Payable which is another es elemend for 40 That's the one on the bank the second part is to debent in Expenfor Acou which A business transaction is affecting the accounting equation is one which the an individual took a loan from a back for $120,000 to purchase a nous No down payment wils given the individual has paid 5/45 a month for 12 years on This house with interest already calculated in those payments the owner's equity is $90.00 L Lapide UF THE ROVE Upay - A business transaction affecting the accounting equation is one in which we (the company) provide tax reporting services (1040 long form) to a individual customer for $150 and the customer pays our company cash. First, cash an ASSET account is increased because cash is coming into the company from the customer. To increase an asset account we debit the cash account. Second, the revenue account which is part of Owners Equity is also increased because services are provided. To increase a revenue account, we need to credit the account. We can go further and label revenue accounts appropriately in this case, we can call it individual Preparation Services. The entry is as follows A business transaction affecting the accounting equation is one which the company has take a loan from a bank of $4,000 to pay for the rent of the store. First thing to do is to credit Accounts Payable which is part of the Liabilities element for $4,000 That's the money we owe the bank. The second part is to debit Rent Expense for $4,000 which is part of the Owner's Equity element of the equation TESLUIT paymes A business transaction affecting the accounting equation is one which the person uses his own saved money to put a downpayment on a car with a S6000 down payment on a 2020 Toyota Tacoma. The Toyota Tacoma with Taxes and Interest costs about approximately about $35,000 to $40,000. The person puts down those $6000 on the Toyota Tacoma while still owing the bank between 29000 to 34000 Cash: $6000 down payment Accounts Payable: 29000 34000 A business transaction is affecting the accounting equation is one which the an Individual took a loan from a back for $120,000 to purchase a house. No down payment was given. The individual has paid $745 a month for 12 years on this house. With interest already calculated in those payments the owner's equity is $98,697. Assets(house) DR Liability/bank) CR Equity $98,697 CR Accounts Payable $21,303 In 3 more years the individual should pay of this loan Rent Expense DR $4,000 Accounts Payable CR $4.000 This will remain like this until the company pays the bank the borrowed money. When this happens. Accounts Payuble will be debited for 54 000 and Cash will be credited by S4000 Cash OR $150 Indiv. Prep Services OR SISO Cynthia Sanchez Wur Authe velos 34 puls SLK down ment and resis the thesis Vacle OROK C ) OR Loan Payable (La CR AXC o g equ i l in balance Ace Pay DR$4,000 CA $4,000 Sanche