Betty Bailey’s Textiles, Inc., accounting equation help
Betty Bailey’s Textiles, Inc., uses a perpetual inventory system. Enter the following transaction into the accounting equation:
In February, Betty Bailey’s sold $550,000 of merchandise on account with terms 3/10, n/30. The cost of the merchandise sold was $240,000.
Enter the transaction into the accounting equation. Some of the accounts will be abbreviated. (Use parentheses or a minus sign when entering component decreases. Use only the necessary input lines.)
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Shareholders’ Equity |
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Assets |
= |
Liabilities |
+ |
Contributed Capital |
+ |
Retained Earnings |
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$ |
Account |
$ |
Account |
$ |
Account |
$ |
Account |
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= |
+ |
+ |
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= |
+ |
+ |
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