Equation Analysis Sheet (EAS) Test
Out of: 12 Marks.
Instructions:
• Complete the Equation Analysis Sheet with the following transactions for Ashley Sheppard, the owner of Ashley’s
Dance Studio, located in Brampton, Ontario.
• Ensure you calculate the beginning balance in the A. Sheppard, Capital account before you begin. (A = L + OE)
• Calculate the totals in each of the accounts at the bottom and demonstrate that the fundamental accounting equation
(A = L + OE) is balanced by completing the last row.
Transactions for June:
1. There was a robbery and $1,500 worth of equipment was stolen. Ashley has no insurance to cover the loss.
2. Ashley invested $800 of supplies into her business.
3. Customer Reza Hoza received $900 private dance lessons. He paid $500 cash right away and will pay the balance he
still owes at a later date.
4. Purchased supplies from Hari’s Dance Supplies at a cost of $2,500. A downpayment of $1,000 cash was made at the
time of purchase and the balance is to be paid later.
5. Paid the monthly mortgage installment of $2,750.
6. A new customer, Talia Singh, received private dance lessons and was charged $250. She will pay later.
7. Supplies valued at $1,600 were used up at a dance competition.
8. This month, the business received $12,000 in cash for services provided to customers.
9. Ashley withdrew $1,500 cash, and $400 in supplies, from the business both for her own personal use.
10.Sold unneeded equipment (which was originally purchased for $3,000) for $2,000 cash.
11. Paid Hari’s Dance Supplies the full balance of the amount owing in the account.
Out of: 12 Marks.
Instructions:
• Complete the Equation Analysis Sheet with the following transactions for Ashley Sheppard, the owner of Ashley’s
Dance Studio, located in Brampton, Ontario.
• Ensure you calculate the beginning balance in the A. Sheppard, Capital account before you begin. (A = L + OE)
• Calculate the totals in each of the accounts at the bottom and demonstrate that the fundamental accounting equation
(A = L + OE) is balanced by completing the last row.
Transactions for June:
1. There was a robbery and $1,500 worth of equipment was stolen. Ashley has no insurance to cover the loss.
2. Ashley invested $800 of supplies into her business.
3. Customer Reza Hoza received $900 private dance lessons. He paid $500 cash right away and will pay the balance he
still owes at a later date.
4. Purchased supplies from Hari’s Dance Supplies at a cost of $2,500. A downpayment of $1,000 cash was made at the
time of purchase and the balance is to be paid later.
5. Paid the monthly mortgage installment of $2,750.
6. A new customer, Talia Singh, received private dance lessons and was charged $250. She will pay later.
7. Supplies valued at $1,600 were used up at a dance competition.
8. This month, the business received $12,000 in cash for services provided to customers.
9. Ashley withdrew $1,500 cash, and $400 in supplies, from the business both for her own personal use.
10.Sold unneeded equipment (which was originally purchased for $3,000) for $2,000 cash.
11. Paid Hari’s Dance Supplies the full balance of the amount owing in the account.
