2. Abby T\'s Photo Company purchased the following during 2017 Building A for $5

Question

2. Abby T's Photo Company purchased the following during 2017 Building A for $50,000 Cash. Camera Equipment for $25,000 on account/credit (hint: look at discussion in course packet on buying on account Usingthe information providedabove, completethe balancesheetequationforAbbyT'sPhoto Company? ASSETS LIABILITIES - EQUITY Using the information below, what was the balance in Long Term Debt at the end of 2017 for? YOU ARE REQUIRED TO SHOW YOUR WORK BY DEMONSTRATING BALANCE SHEET EQUATION EQUITY $100,000 LIABILITIES ASSETS $400,000 2016 Balances

Explanation / Answer

Account equation :

Building 50000

Cash (50000)

No Assets Liabilities Equity 1.

Building 50000

Cash (50000)

2. Equipment 25000 Account payable 25000

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