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On December 1, 2016, Geneva Jordan opened her new business with the following assets and liabilities. Complete the accounting equation for the firm.

  

  
  Accounts Payable$1,100    Prepaid Rent$6,000 
  Cash 3,950    Loans Payable 15,500 
  Equipment 26,200    Supplies 1,250 

  

Complete the accounting equation for the firm.

  

  Assets$ [removed]  =  Liabilities$ [removed]  +  Owner’s Equity$ [removed]  

 

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