Show the Effects of Each Transaction on the Accounting Equation $\$ 20,000$

question 21

Essay

Show the effects of each transaction on the accounting equation by indicating under the proper heading the dollar amount of increase or decrease for each transaction listed below.Compute the resulting accounting equation.
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a. Owner deposited $\$ 20,000$ in his new business checking account.
b. Supplies were purchased for $\$ 300$ on account.
c. Paid a $\$ 1,200$ premium for six months of liability insurance.
d. Purchased supplies for $\$ 200$ cash.
e. Purchased equipment for $\$ 4,000$ by paying $\$ 1,000$ ; the rest to be paid in six months.
f. Paid the $\$ 300$ bill outstanding (from transaction $b$ ).
g. Owner withdrew $\$ 700$ from the business for personal use.

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Definitions:

Jim Crow

Laws or regulations in the United States that enforced racial segregation and discrimination against African Americans, predominantly in the South, from the late 19th century until the mid-20th century.

Eugenics

A set of beliefs and practices aimed at improving the genetic quality of a human population, often historically associated with discriminatory and unethical practices.

Sterilized

A medical procedure or process that completely eliminates the ability of an organism to reproduce, often applied to instruments to prevent infection.

Mentally Retarded

An outdated and offensive term formerly used to describe individuals with intellectual disabilities; modern terminology favors "intellectually disabled" or "developmental disability."