会计学原理 英文版 第21版 第一章Accounting in Bussiness幻灯片.pptVIP

In transaction number 4, FastForward decides more supplies of footwear and accessories are needed. These additional supplies total $7,100, but as we see from the accounting equation, FastForward has only $1,500 in cash. Taylor arranges to purchase them on credit from CalTech Supply Company. FastForward acquires supplies in exchange for a promise to pay for them later. This purchase increases assets by $7,100 in supplies, and liabilities (called accounts payable to CalTech Supply) increase by the same amount. This purchase changes the makeup of assets but does not change the asset total. In