Chapter 2
Linking Personal Accounting to Business Accounting
47
All the transactions have been compiled in the T-account worksheet shown in Figure 2.30. Notice
that the net income from the income statement is calculated first so it can be added to owner’s
equity. The owner’s equity calculation is shown at the bottom of the balance sheet and shows an
ending balance of $37,400.This calculation will be discussed in more detail in the next section.
