What is the primary purpose of a journal entry in financial accounting?

What are the dual effects of a \$35,000 cash contribution on the company's accounts?

How does a \$45,000 cash contribution from an owner affect the company's financial position?

A company has assets of \$100,000, liabilities of \$30,000, and equity of \$70,000. If the company receives a \$10,000 cash contribution, what will be the new balance of assets?

A business receives \$40,000 in cash from an owner and issues common stock. What are the dual effects on the accounts?

A business receives a \$15,000 cash contribution from an owner. How should this be recorded in the journal?

A company has assets of \$200,000, liabilities of \$50,000, and equity of \$150,000. If the company issues \$20,000 in common stock, what will be the new balance of equity?

A company receives \$60,000 in cash from an owner and issues common stock. What are the correct journal entries?

Why is it important to maintain a balanced accounting equation?

Why is maintaining a balanced accounting equation crucial for financial reporting?