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you are the bookkeeper for a new small company that provides cricket training. as the bookkeeper, you have been given a list of 10 transactions that occurred during december. the owners have asked you to provide them with financial statements. now, we need to determine the effect of the 10 transactions and create financial statements that accurately represent the financial position of the company.
Part 1: In the table below, analyze the impact of the transactions on the Accounting Equation. Instructions: Consider the effect of each of the below transactions on the Accounting Equation. Under the appropriate category, list the amount of increase or decrease of each transactions and to which account it will be recorded. The first transaction is shown for you as an example.

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The accounting Equation indicates that for each charge there should be an equivalent credit. resources, liabilities, and proprietor's value are its three parts.

What is Accounting Equation indicates?

The accounting equation states that an organization's all-out resources are equivalent to the number of its liabilities and its investors' value. This direct connection between resources, liabilities, and value is viewed as the groundwork of the twofold section bookkeeping framework.

To ascertain the bookkeeping condition of resources = liabilities + proprietor's value, the qualities might be taken from the asset report or given data. The amount, everything being equal, can't avoid being equivalent to the amount of all liabilities and all proprietors' value. The fundamental bookkeeping condition may likewise be composed as Liabilities = Resources - Proprietor's Value of Proprietor's Equity= Resources - Liabilities, contingent upon which data is accessible to utilize.

The accounting Equation indicates that for each charge there should be an equivalent credit. resources, liabilities, and proprietor's value are its three parts.

To learn more about Accounting Equations here

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