Expanded Accounting Equation The basic accounting equation can be expanded to include all five financial categories indicating what has been received and given. DEBITS CREDITS received gIven Liabilities Assets Expenses c1-11
C1 - 11 Expanded Accounting Equation “ The basic accounting equation can be expanded to include all five financial categories indicating what has been received and given.” Expenses Assets DEBITS received CREDITS given = Liabilities
Expanded Accounting Equation The basic accounting equation can be expanded to include all five financial categories indicating what has been received and given. DEBITS CREDITS received gIven Liabilities Assets Owner's Equity Expenses c1-12
C1 - 12 Expanded Accounting Equation “ The basic accounting equation can be expanded to include all five financial categories indicating what has been received and given.” Expenses Liabilities Assets DEBITS received CREDITS given = Owner’s Equity
Expanded Accounting Equation The basic accounting equation can be expanded to include all five financial categories indicating what has been received and given. DEBITS CREDITS received gIven Liabilities Assets Owner's Equity Expenses Revenues c1-13
C1 - 13 Expanded Accounting Equation “ The basic accounting equation can be expanded to include all five financial categories indicating what has been received and given.” Expenses Liabilities Owner’s Equity Assets DEBITS received CREDITS given = Revenues
Expanded Accounting Equation The basic accounting equation can be expanded to include all five financial categories indicating what has been received and given. DEBITS CREDITS received gIven Liabilities Assets Owner's Equity Net Income Revenues Expenses c1-14
C1 - 14 Expanded Accounting Equation “ The basic accounting equation can be expanded to include all five financial categories indicating what has been received and given.” Expenses Liabilities Owner’s Equity Assets DEBITS received CREDITS given = Revenues Net Income
Balance sheet Balance Sheet as at (date Assets Total Liabilities c1-15
C1 - 15 Balance Sheet as at (date) Assets $ Total $ Liabilities $ Total $ Balance Sheet