I need help on a accounting equation . I need to provide a sample transaction from my own experience to demonstrate the validity of the accounting equation.
I use my car for example,
25,510 Assets - Car cost
Paid 2, 000 down payment that would be equity
That leaves 23,000 in liability
My assets is 25,510 . I got the car in 2017 .
I can't figure out what the liab and equity would be ?
The accounting equation, also known as the balance sheet equation is an equation... View the full answer