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Glencoe Accounting: First Year Course, Student Edition | 1st Edition | ISBN: 9780078688294 | Authors: Glencoe
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Completing the Accounting Equation A business owned and operated by Mike Murray uses

Chapter 3, Problem 3-5

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QUESTION:

Completing the Accounting Equation

A business owned and operated by Mike Murray uses these accounts.

Instructions Look at the following list of accounts, and determine the missing amount for each of the question marks.

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QUESTION:

Completing the Accounting Equation

A business owned and operated by Mike Murray uses these accounts.

Instructions Look at the following list of accounts, and determine the missing amount for each of the question marks.

ANSWER:

                                                                  Step 1 of 4

The accounting equation is the horizontal presentation of the relationship between the property owned by the business and the financial claims. Each property owned by the business is either claimed by the owner or outsiders or partially by both. When this is represented in an equation form, it's called an accounting equation.

                                                                 

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