1. On behalf of your assumption amount make Accounting equation and pass journal entry of all...

1. On behalf of your assumption amount make Accounting equation and pass journal entry of all below given transaction in the books of Alnaeem and also make balance sheet on the basis of the last equation.

A) Alnaeem purchase Equipment on Account assume amount yourself and put in equation and pass journal entry.

B) Alnaeem receive consulting fees Cash assume amount yourself and put in equation and pass journal entry.

Expert Solution

The Basic Principle of financial accounting is the Accounting Equation.

The Accounting Equation is Assets = Liabilities + Equity

Assets are resources controlled by the firm because of past transactions that are expected provide future benefits.

Liabilities are the obligations as a result of past events that are expected require an outflow of economic resources

Equity is the residual interest in the assets of the firm after deducting the liabilities. Equity consists of contributed capital and retained earnings

Assets = Liabilities + Contributed Capital + ending Retained Earnings

Assets = Liabilities + Contributed Capital + Beginning Retained Earnings + Net Income - Dividends

Assets = Liabilities + Contributed Capital + Beginning Retained Earnings + Revenue - Expense - Dividends

ekkarill92 answered 2 years ago

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