httpsnewconnectmheducationcomflowconnecthtml hapters 123 On

https//newconnect.mheducation.com/flow/connect.html hapters 1,.2,3 On December 1, 2019, Geneva Jordan opened her new business with the following assets and liabilities Accounts Payable 2,100 Prepaid Rent 7,000 3,750 Loans Payable 15,00 1,900 Cash Equipment 26,200 Supplies Complete the accounting equation for the firm Owner\'s Equity

Solution

Accounting equation :

Note:- Total assets = 3750 + 26200 + 7000 + 1900 = $38850

Total liabilities = 2100 +15000 = $17100

  

Owner\'s equity = Total assets - Total liabilities

   = 38850 - 17100

   = 21750

Assets

$38850

=

Liabilities

$17100

+

Owner\'s equity

$21750