Account Balances
Assets = $37,526
Liabilities = $12,845
Equity = $32,500
You write a check for $759 to make a payment
on a loan. What are the new account balances?

Question

07-06-2022
Business

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Account Balances
Assets = $37,526
Liabilities = $12,845
Equity = $32,500
You write a check for $759 to make a payment
on a loan. What are the new account balances?

Sagot :

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Marvineetesh3idn Marvineetesh3idn · Answer 1 · 2022-06-15T21:24:53-04:00

If a person write a check for $759 to make a payment on a loan, then the account balance would be changed as in the balance sheet of the person.

What is account balance?

An Account balance is limited as the amount of monetary system that is hold in a specific account in the bank account or in any another account.

From the given case, if a person make a payment of loan, then the account balance would be:

Assets = $36,767 ($37,526 – $759)

Liabilities = $12,086 ($12,845 -$759)

Equity = $32,500

Therefore, the balance of Equity remains unaffected by the payment of loan.

Learn more about the loan, refer to;

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Sagot :

What is account balance?

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