Summarise the transactions of question A6.1 in a spreadsheet and show that the totals of the spreadsheet
Question:
Summarise the transactions of question A6.1 in a spreadsheet and show that the totals of the spreadsheet satisfy the accounting equation.
Data From Question A6.1:
On 1 May the Sea Traders Company purchased 200 spare parts for fishing boats, costing £20 each. On 5 May, 60 of these spare parts were sold to a customer at a price of £25 each. The customer paid in cash immediately.
(a) Calculate the profit made on this transaction.
(b) Explain the impact of each transaction on the accounting equation.
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Step by Step Answer:
To summarise the transactions of question A61 in a spreadsheet we can create a table with four columns Date Transaction Debit and Credit We will also ...View the full answer
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