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Accounting: Post transactions using the accounting equation.

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Please post these transactions using the Accounting equation.

Asset = Liabilities + Owners Equity

1. Dan inspected 10 homes this week, charging the customers a total of
$2100 and receiving payment of $1,500. He billing the rest.

2. He paid $500 on a business credit card. $100 was interest

3. Dan withdrew $2000 from the business for personal use.

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Solution Summary

In Excel, the solution presents the entries and explains the cummulative effects on the accounting equation.

Solution Preview

See attached Excel file.

Assets Liabilities Equity

1. Cash received 1,500
Accounts receivable 600 ...

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