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 Assets Expenses c2-6
C2 - 6 Expanded Accounting Equation “ The basic accounting equation can be expanded to include all five financial categories indicating what has been received and given.” Assets DEBITS received CREDITS given = Expenses
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 c2-7
C2 - 7 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 c2-8
C2 - 8 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 c2-9
C2 - 9 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 c2-10
C2 - 10 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