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Very basic accounting question?
If a given transaction involves completing services for a customer and sending a bill of $800, then this means that (1) Accounts Receivable will increase by 800, and so will capital because a revenue then is said to be generated, positively influencing capital. **Then, if $500 are received on account from a client, then would this mean that Accounts Receivable will decrease by $500 and Cash in bank will increase by $500. Can you tell me if my understanding of the transactions above is correct or not from this explanation: Capital does not increase in the second transaction above because the owner has already gotten his right of "$800"; however, in the second transaction, cash in bank does increase because the customer has really paid the $500, so there is no need for capital to "increase again" because the owner's right has already been recorded. I am in high school, so I just need further elaboration of whether or not my understanding is correct. Thank you all so much :))

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Accounting 101 Basic Question? Please Help?
Peace be with you, I am a high school senior and this is my first year studying accounting. We have covered the basic accounting equation; however, I was trying to answer some online practice problems, and I came across the following transactions. Please, I only want to make sure if what I have done in my accounting equation is correct. So for the May 15th, last transaction, I subtracted $375 from cash in bank and then added the amount to my assets of "supplies". Is this correct, or am I supposed to subtract the $375 from cash in bank and capital "as if they are expenses"?? Opened a business bank account with a deposit of $30,000 of cash from his personal account. May 2. Paid office rent, $1,300. May 4. Purchased office supplies on account, $900. May 6. Received $5,200 cash from customers for services rendered (Fees Earned). May 8. Paid creditors on account, $390. May 10. Billed Customers for fees earned, $2,500. May 12. Paid auto expenses of $650. May 15. Cost of supplies used was $375 Please elaborate on your answer in simple terms :) Thanks in advance

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Basic ACCOUNTING PROBLEM?
i've started studying accounting can you tell me the answer to this problem because i dont know if i got i right http://www.principlesofaccounting.com/questions%20-%20problems/comprehensive%20problems%20for%20chapter%201/I-01.04/I-01.04%20Problem.pdf

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