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mario62 [17]
3 years ago
11

Owens Industries is trying to increase its profile in the community. As part of this effort, Owens sponsors a Little League base

ball team. The cost of sponsorship is $850. How should Owens record this transaction in order to maintain a balanced accounting equation (A = L + SE)?
Mathematics
1 answer:
jarptica [38.1K]3 years ago
3 0
<h2>Answer:</h2>

<em><u>The Owens Industries should credit $850 to their Assets, denoted by A and debit the sum of $850 to the Stockholder's Equity, denoted by SE.</u></em>

<h2>Step-by-step explanation:</h2>

In the question,

As the Owens industries is trying to increase its profile.

Cost of sponsorship = $850

To maintain the profile he can, by using the transaction accounting balance equation,

A = L + SE

<em><u>The Owens Industries should credit $850 to their Assets, denoted by A and debit the sum of $850 to the Stockholder's Equity, denoted by SE.</u></em>

That is,

$850 = L + $850

L = 0

<u>This is how the accounting equation can be balanced.</u>

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