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notka56 [123]
4 years ago
13

Jackson Company purchased office equipment costing $3,000 for his business and paid immediately. Record this transaction in the

accounting equation by:
Business
1 answer:
Alexeev081 [22]4 years ago
5 0

Answer:

Explanation:

The accounting equation is shown below:

Total assets = Total liabilities + Shareholder's equity

In the given transaction, the office equipment was purchased for $3,000 and it is paid immediately which means the balance of office equipment is increased and the cash balance is decreased.  

It gives a positive impact on office equipment under fixed assets and a negative impact on the cash balance under the current assets.

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