$1,400 or more when, in reality, the average airfare is less than $1,400.
The connection between an entity's assets, liabilities, and owner's equity is represented by the basic accounting equation, often known as the balance sheet equation. It serves as the system's cornerstone for double-entry bookkeeping. The total debits and total credit for each transaction are equal. Capital in a corporation is the stockholders' equity. Since every business transaction impacts at least two accounts, the accounting equation will always be "in balance," which means the left and right sides of a company's balance sheet should always be equal. In essence, the accounting method demonstrates that the firm's assets were acquired using equity and/or liabilities. owners.
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