SUMMARIZE EXERCISE CHAPTER 1-2-3 Completing the accounting equation The fundamental accounting equations for several businesses follow. Supply the missing amounts ASSETS = LIABILITIES + OWNER'S EQUITY 32 350,00$ = 6 720,00$ + 28 900,00$ = 6 380,00$ + = 23 000,00$ + 6 985,00$ 48 075,00$ = + 12 300,00$ = 5 475,00$ + 3 265,00$ 50 000,00$ = + 29 200,00$ Determine the effects of transactions on the accounting equation The Mansi Publishing House had the transaction listed below during the month of June. Show how each transaction would be recorded in the accounting equation 1. Mansi started the business with a cash investment of 60 000$ 2. Purchased equipment for 22 000$ on credit 3. Sold books for 3 100$ in cash 4. Purchased additional equipment for 4 600$ in cash 5. Sold books for 5 050$ on credit 6. Paid salaries of 4 450$ to employees 7. Received 3 200$ cash from chage account to customers 8. Paid 13 000$ to a creditor on account