unit 7

Unit 07 The Accounting Equation (Assignment - 4 pages) (1 /2) (1).docox - Compatibility Mode Tara Okeefe Tell me what you want to do Comments File Design References Mailings Review View Help Share Home Insert Draw Layout OFind Cut Cambria (Headi 11 A A" Aa Ao EE AaBbCcD AaBbC AaBbCc AaBbCcD AaBbCcD Replace Paste Copy Format Painter Dictate IU. , - 0. Heading 4 1 No Spac.. Heading 1 Heading 2 Heading 3 Select Clipboard Styles Editing Voice Font MULLE 3-1nc m u Paragrap nE voc rmaaaa The units in Modale 3, Units 7 and 8, show the ralationship among the acounting elemants exprassed as an aquation and explain how busineasas recond inancial transaclions in accounts ASSIGNMENT 7 Prepare a simple Balance Sheet in report form. Prepare a simple Balance Sheel for Jackson PuWell in report fom as of Oclober 31. (Copkte heading with correct dale or time period.)) As of Cctober 31, XXX2, the accounting equation for Jackson Powell's business looks like this Ownar Fity ahias cm- Fauioment Carit Caah Supplise Fumtura + 31 sco $19 8D Jacks Powell Balance Sia9e 734 words C Page 1 of 4 7:04 PM Type here to search f 6/28/2019 Unit 07 The Accounting Equation (Assignment - 4 pages) (1 /2) (1).docox - Compatibility Mode Tara Okeefe Tell me what you want to do Comments File Design References Mailings Review View Help Share Home Insert Draw Layout OFind XCut Cambria (Headin 11 A A Aa Ao AaBbCcD AaBbC AaBbCc AaBbCcD AaBb CcD Replace Paste Copy Format Painter E E Dictate 1 No Spac. Heading 4 I Uax, x A -A Heading 1 Heading 2 Heading 3 Select Clipboard Paragraph MODULE 3-THE ACCOUNTING EQUATION AND THE USE OF ACCOUNTS Styles Editing Voice Font The units In Module 3, Units 7 and 8, show the relationship among the accounting elements expressed as n equation and explain how businesses record financlal transactions In accounts. Record financial transactions in accounting equation form, prepare an ending summary of the accounting equation, and prepare a simple Balance Sheet in report form Using the accounting equation sheet Record the following financial transactions in acood g equaion form. After entering each transaction, mentally check to see that the equation balances. At the equation balances. a see that Prepare an ending summary of the accounting equation. Prepare a simple Balance Sheet in report form dated August 31, XXX1. C August 1 Jackson Powell decides to go into business for himself as a handyman. He invests $5,000 of his own money in the business. 2 Jackson Powell borrows $4,000 in cash from the People's National Bank & Trust Company. Jackson Powell buys a used pan& truck for S3,500 cash. 3 Jackson Powel buys varidus Bupplies irom a a aware re ad pays 8 Jackson Powell pays an expense of $450 cash for insurance on his panel truck. 12 Jackson Powell spends the week of August 8 painting Mr. Pure's house. On August 12, he receives $800 for completing the job. 19 Jackson Powell agrees to repair Mrs. Gamble's garage roof. He receives $500 for completing the job on August 19. nt is $200 19 Jackson Powell pays the first payment on his loan from the People's National Bank & Trust Company, The payment is $150. 26 During the week of August 22 to 26, Jackson Powell repairs Frank Slatt's front porch. On August 26, he receives $400 income for completing the job. Jackson Powell buys a new piece of equipment, a power saw, for S300 from Murray's Hardware. He charges the saw to his account with Murray's. 29 Jackson Powell spends August 30 cutting down a tree for Maurice Frank. On August 31, he sends Mr. Frank a bill for $200 31 734 words Page 2 of 4 7:05 PM Type here to search f 6/28/2019 Unit 07 The Accounting Equation (Assignment - 4 pages) (1 /2) (1).docox - Compatibility Mode Tara Okeefe Tell me what you want to do Comments File Design References Mailings Review View Help Share Home Insert Draw Layout OFind Cut Cambria (Headin 11 A A Aa Ao AaBbCcD AaBbC AaBbCc AaBbCcD AaBb CcD Replace Paste Copy Format Painter Dictate BIU X, xA A Heading 1 Heading 4 1 No Spac.. Heading 2 Heading 3 Select Clipboard Styles Editing Voice Porit HI ACCOUNUNGHOUATIIN ANU THE USE On graph The units in Module 3, Units 7 and 8, show the relationship among the accounting eles nancial transactions in accounts Cord daly manclal transaleions in accounung equaion Tor. Kecora the loowing nanea ranscions i accounting equon form. After entering e transaction, enter t the equation OWNER EQUITY Madio ASSETS LIABILITIES Pavaris Maray's Frst Bank Trans actrns Typa at E Accounta ofice Experss Date Ces Recevabe Supples Equpmen rt Revemue + 82 + ss. a12 - 19 + '15 + 10 22 . 4+ 8/2 1 1 829 + . 13 831 + . Venty that Assets Liabilities + Equity 729 words Page 3 of 4 7:05 PM Type here to search f 6/28/2019 Unit 07 The Accounting Equation (Assignment - 4 pages) (1 /2) (1).docox - Compatibility Mode Tara Okeefe Tell me what you want to do Comments File Design References Mailings Review View Help Share Home Insert Draw Layout OFind Cut Cambria (Headi 11 A A Aa Ao AaBbCcD AaBbC AaBbCc AaBbCcD AaBb CcD Replace Paste Copy Format Painter Dictate x, x' A- -A Heading 1 1 No Spac. Heading 2 Heading 3 Heading 4 B IU Select Clipboard Paragraph 8 wlw ihe ualionshin amara the accuurting eleements eUNid Styles Editing Voice Font The uty it Madib 3 nite 7 an san euation ad eanlsin boaw hursireoues erord firsenrin Iuasaudiore in HaTunts Prepare an ending summary of the accounting equation. FQUITIFS abiltica Owner Fquity Cas Accounts Receivable+ Ofice Supplies+ Equipment Accounts Payable Notes Payabe D.M., Capilal Revenue Cxpense Prepare a stmple Balance Sheet in report form. (Complete headtng with correct date or time pertiod.) Don Martin Balance Sheet C Pape 4 of 4 722 words 7:05 PM O Type here to search 6/28/2019