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  3. using the accounting equation (assets = liabilitie

Using the accounting equation (ASSETS = LIABILITIES + OWNER'S EQUITY), put the numbers in the...

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Accounting

Using the accounting equation (ASSETS = LIABILITIES + OWNER'S EQUITY), put the numbers in the following scenario where they belong:

A distributor goes out and purchases $1,000 worth of T-shirts. They didn't pay for the T-shirts right away, the supplier will send a bill later on.

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$1,000 (ASSETS) = $0 (LIABILITIES) + $1,000

$1,000(ASSETS) = $1,000 (LIABILITIES) + $0 (OWNER'S EQUITY)

$0 (ASSETS) = $1,000 (LIABILITIES) + $1,000 (OWNER'S EQUITY)

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