Assets :
- Cash = ($4,500-700) -$400 + $950 - $60
- Cash = $3,800 +$950 -$400 - $40
- Cash = $4,310
- Equipment = $0.00
- Total assets = Cash + Equipment = $4,290
Liabilities & owner's equity :
- Accounts payable = $325
- Owner's equity : investment = $4,500-$400 + ($950-$700) -$40 -$325 = $3,985
- Total liabilities & Owner's equity = $325 + $3985 = $4,310