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Unformatted text preview: compounded entry. A compounded entry would consist of using a loan and cash on hand where the loan would be inputted for liabilities and the cash for assets. One thing to remember is that each side of the equation should balance with the other. Answers to activity “E1-5” ASSET LIABILITY OWNER (STOCKHOLDER) EQUITY Cash Accounts Payable Common Stock Cleaning Equipment Cash Note Payable Salaries (subtracted from retained earnings) Accounts Receivable...
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- Spring '11
- Balance Sheet, Generally Accepted Accounting Principles, Misty Charnesky, Mark Bull