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Overnaight Auto Service

This document shows the accounting equation for Overnight Auto Services from January 20-31, 2015. It tracks changes in assets like cash, tools, buildings, and land, as well as liabilities like notes payable and accounts payable, and owner's equity like capital stock and retained earnings over this period. The balances at the end of each day are presented to demonstrate how the accounting equation stays in balance as various financial transactions occur.

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Ammad Ud Din Sabir
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390 views

Overnaight Auto Service

This document shows the accounting equation for Overnight Auto Services from January 20-31, 2015. It tracks changes in assets like cash, tools, buildings, and land, as well as liabilities like notes payable and accounts payable, and owner's equity like capital stock and retained earnings over this period. The balances at the end of each day are presented to demonstrate how the accounting equation stays in balance as various financial transactions occur.

Uploaded by

Ammad Ud Din Sabir
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Overnight Auto Services

Expanded Accounting Equation


January 20-31-2015

ASSETS =

Accounts
DATE Cash + Tools and equipement + Building + LAND =
payable

JAN,20 80000 =
Balances 80000 =
JAN,21 -52000 52000 =
Balances 28000 52000 =
JAN,22 -6000 36000 =
Balances 22000 36000 52000 =
JAN,23 13800 =
Balances 22000 13800 36000 52000 =
JAN,24 1800 -1800 =
Balances 22000 1800 12000 36000 52000 =
JAN,26 600 -600 =
Balances 22600 1200 12000 36000 52000 =
JAN,27 -6800 =
Balances 15800 1200 12000 36000 52000 =
JAN,31 2200 =
JAN,31 -1400 =
Balances 16600 1200 12000 36000 52000 =

statment of cash flows


vices

Equation
15

LIABILTY OWNER EQUITY

Note Accounts Capital Retained


+
payable+ payable stock earning

+ 80000
+ 80000
+
+ 80000
30000 +
30000 + 80000
13800 +
30000 13800 + 80000
+
30000 13800 + 80000
+
30000 13800 + 80000
-6800 +
30000 7000 + 80000
+ 2200
+ -1400
30000 7000 + 80000 800

Income statment

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