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May 22, 2015

Homework Help: Accounting

Posted by Crystal on Thursday, July 10, 2008 at 7:04pm.

Show the effect of each transaction on the individual accounts of the expanded accounting equation: Assets=Liabilities +Owner's Equity (Capital-Drawing+Revenues-Expenses). After each transaction, show the new account total.

Prepare Income Statement, Balance Sheet, and Statement of Owner's Equity

a. Cash 18000
b Office supplies 4600: 2000 cash 2600 credit
c. Prepaid Insurance 1200
d. Revenues 3300: 1300 cash 2000 credit
e. Paid cash on Office supplies 2300
f. Rent 750
g. Draw 100

I am completely confused by every word of this. I thought I had it figured out but then I ended up with the wrong total. Can someone please give me an idea of where to start and help me understand or try to understand this a little better. Thank you so much.

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