Diane Hendricks always dreamed of owning a recording studio. On February 1 Diane withdrew $10,000 from personal savings and deposited it in a new business checking account for Hendricks Sound. On February 2 Hendricks Sound made a $2,000 down payment on equipment that cost $8,000. The remaining balance will be paid at a later date. What is the accounting equation for Hendricks Sound after these transactions?

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03-10-2022
Business

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Diane Hendricks always dreamed of owning a recording studio. On February 1 Diane withdrew $10,000 from personal savings and deposited it in a new business checking account for Hendricks Sound. On February 2 Hendricks Sound made a $2,000 down payment on equipment that cost $8,000. The remaining balance will be paid at a later date. What is the accounting equation for Hendricks Sound after these transactions?

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