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13 The internis puzzled and asks "Ane you sure the necounting equation is...

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Accounting

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13
The internis puzzled and asks "Ane you sure the necounting equation is still in balance "Ulting the corrected trial balones you prepared. prove that the accounting equation is in balance Assets Liabilities Owner's Equity Still puzzled, the intem asks "Why do none of the amounts in the accounting equation equal the totals on the trial balance Check at that apply. You point out the total of the assets, liabilities and owner's equity is equal to the sum of the debit and credit totals in the trial batanco This is because the revenue and expense accounts are part of the owner's equity element. The accounts with debit balances should be part of the total assets The accounts with debit bulances are not all classified in the same element of the accounting equation. For example, not all accounts with debit batances are ascots The account with credit butuncus are not alt classified in the same element of the accounting equation. For example, not all accounts with credit balances are liabilities The accounts that make up the total for owner's equity have a mix of debit and credit balances

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