Solution for QID #22439: Work with the Accounting Equation QuickBooks Desktop Rein | StudyHelpMe

Work with the Accounting Equation QuickBooks Desktop Reinforce Your Skills, Chapter 1 Donnell Construction Your Responses Write out the accounting equation. Write out the extended accounting equation. You have $72,612 in assets and $48,554 in liabilities. How much do you have in equity? You have $429,759 in liabilities and $376,590 in equity. How much do you have in assets? You have $115,679 in equity and $287,334 in assets. How much do you have in liabilities? You produce an invoice for $1,346, increasing the Construction Income account. Show what other account is increased using the extended accounting equation. You pay a bill for $195, decreasing the Checking account. Show what other account is decreased using the extended accounting equation. You deposit a check for $15,000 from the company owner into the Checking account. Show the effect on the accounting equation using the extended accounting equation. Account Balances Assets = $37,526 Liabilities = $12,845 Equity = $24,681 You write a check for $759 to make a payment on a loan. What are the new account balances? Account Balances