Chapter 2- Starting a Proprietorship

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Presentation transcript:

Chapter 2- Starting a Proprietorship By: Ms. Kaelke

The Business Service Business Proprietorship

Assets = Liabilities + Owner’s Equity Accounting Equation Assets Liability Owner’s Equity Assets = Liabilities + Owner’s Equity A = L + OE

How Business Activities Change the Accounting Equation Transaction Unit of Measure Account Account title Account balance Capital

Received Cash from Owner as an Investment Transaction 1: August 1, 2010…Received cash from owner as an investment, $10,000 Assets = Liabilities + Owner’s Equity +10,000 = 0 +10,000