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Refer to the Summary Problem for Your Review, spec

Refer to the Summary Problem for Your Review, specifically the unadjusted trial balance on page 86. Required 1. Write the company s accounting equation and label each element as a debit amount or a credit amount. If you use $28,500 for the owner s equity, why is the accounting equation out of balance? 2. Write the equation to compute Bancroft Management Consulting s net income or net loss for March 2016. Indicate which element is a debit amount and which element is a credit amount. Does net income represent a net debit or a net credit? Does net loss represent a net debit or a net credit? 3. How much did the owner, John Cassiar, withdraw during March 2016? Did the withdrawal represent a debit amount or a credit amount? 4. Considering both the net income (or net loss) and withdrawal for March 2016, by how much did the company s owner s equity increase or decrease? Was the change in owner s equity a debit amount or a credit amount?

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