$1.$ Use the following transactions of Kit Enterprise to complete the accounting equation as

shown in the table. Show totals in the end. $(10$ marks$)$

Assets $=$ Liabilities $+$ Equity

Bank

$$

Receivables

$$

Furniture

$$

Equipment

$$

$=$ Creditors

$$

$+$ Capital, drawings,

income, and

expenses.

$$

$4,0006,0002,0008,000=10,000+10,000$

$=+$

$=+$

$=+$

$=+$

$=+$

July $2$ The owner invests a further $6000$ cash in the business.

$6$ The owner further contributes additional equipment for $20,000$ to the business.

$8$ New furniture worth $1,000$ is purchased on credit.

$14$ A check for $2,500$ is paid to a creditor.

$17$ Cash sale of inventory, $4000$

$22$ Cheque for $3,000$ is received from a debtor.

$27$ Cash sale of inventory, $6,000$

$31$ Made payments towards the following expenses P

Salaries $1000$

Electricity $200$

Sundry expenses $700$