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29 January, 10:57

Jones Enterprises was started when it acquired $3,900 cash from creditors and $9,100 from owners. The company immediately purchased land that cost $11,000.

Required:

Record the events under an accounting equation. (Enter any decreases to account balances with a minus sign.)

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Answers (1)
  1. 29 January, 14:09
    0
    The accounting equation is presented below:

    Assets = Liabilities + Stockholders equity

    Cash + Land = Account payable

    1. $13,000 + $0 = $3,900 + $9,100

    2. - $11,000 + $11,000 = $0 + $0

    Total $2,000 + $11,000 = $3,900 + $9,100
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Home » Business » Jones Enterprises was started when it acquired $3,900 cash from creditors and $9,100 from owners. The company immediately purchased land that cost $11,000. Required: Record the events under an accounting equation.
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