The accounting equation
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THE ACCOUNTING EQUATION. page 8. Transaction 1 August 1. Received cash from owner as an investment, $5,000.00. RECEIVING CASH. page 10. Transaction 2 August 3. Paid cash for supplies, $275.00. PAYING CASH. page 11. Transaction 3 August 4. Paid cash for insurance, $1,200.00.

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The accounting equation
THE ACCOUNTING EQUATION

page 8

LESSON 1-1


Receiving cash

Transaction 1August 1. Received cash from owner as an investment, $5,000.00.

RECEIVING CASH

page 10

LESSON 1-2


Paying cash

Transaction 2August 3. Paid cash for supplies, $275.00.

PAYING CASH

page 11

Transaction 3August 4. Paid cash for insurance, $1,200.00.

LESSON 1-2


Transactions on account

Transaction 4 August 7. Bought supplies on account from Supply Depot, $500.00.

TRANSACTIONS ON ACCOUNT

page 12

Transaction 5 August 11. Paid cash on account to Supply Depot, $300.00.

LESSON 1-2


Revenue transactions

Transaction 6 August 12. Received cash from sales, $295.00.

REVENUE TRANSACTIONS

page 14

Transaction 7 August 12. Sold services on account to Oakdale School, $350.00.

LESSON 1-3


Expense transactions

Transaction 8 August 12. Paid cash for rent, $300.00.

EXPENSE TRANSACTIONS

page 15

Transaction 9 August 12. Paid cash for telephone bill, $40.00.

LESSON 1-3


Other cash transactions

Transaction 10 August 12. Received cash on account from Oakdale School, $200.00.

OTHER CASH TRANSACTIONS

page 16

Transaction 11 August 12. Paid cash to owner for personal use, $125.00.

LESSON 1-3


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