Problem Sets Part 1 Exercise 1-9A on page 40 Exercise 1-10A on page 40 Exercise 1-4A on page 38 Exercise 1-7A on page 39 Exercise 1-6A on page 39 Exercise 1-8A on page 39 Part 2 Question 1: What is th

Problem Sets

Part 1

Exercise 1-9A on page 40

Exercise 1-10A on page 40

Exercise 1-4A on page 38

Exercise 1-7A on page 39

Exercise 1-6A on page 39

Exercise 1-8A on page 39

Part 2

Question 1: What is the accounting equation?  Why is this important to the practice of accounting? Please provide an example of how the accounting equation works with recording transactions within a business. Question 2: Is there a difference between bookkeeping and accounting? Discuss. Question 3: Accounting reports past performance. How can this be useful when planning future operations?