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14 May, 14:00

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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  1. 14 May, 14:24
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    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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