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DQ2: The Accounting Equation State the fundamental accounting equation (hint: blank =blank + blank) and list...

DQ2: The Accounting Equation

State the fundamental accounting equation (hint: blank =blank + blank) and list two specific examples of an asset and a liability. What is the relationship between owner’s equity (balance sheet) and net income (income statement)? Please use the following format:

Accounting Equation: blank=blank +blank
Assets:
Asset #1:
Asset #2:
Liabilities
Liability #1:
Liability #2:
Relationship between owner’s equity (balance sheet) and net income (income statement):

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