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I need to provide a sample transaction from my own experience to demonstrate the validity of the accounting equation.

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 ?

Top Answer

The accounting equation, also known as the balance sheet equation is an equation... View the full answer

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