2 Complete the effects of the following transactions: Effect upon Assets, Liabilities and Owner's Equity. Use the Accounting Equation Method to calculate the answers in each of the following: a) Started the business with the owner investing RM5,000 cash into the bank b) The owner introduces another RM3,500 cash into the business. c) Bought goods on credit RM2,000. d) Sold all goods that bought (from transaction c) on credit at RM2,800. e) Paid a creditor RM1,000 by cheque. f) Bought fixtures RM1,750 paying in cash. g) Sold personal car, cash received RM8,000 and the amount is brought into the business. h) Bought goods on credit RM6,300. i) A debtor paid us RM500 in cash. j) Return goods costing RM900 to a supplier whose bill we had not paid. k) Bought an office computer paying RM6,100 by cheque. 1) Paid tuition fee of the son RM1,000 by cheque m) Received a bank loan of RM6,000 which repayable in two years. n) Paid insurance RM50 by cheque o) Bought goods on credit RM 5,000 p) Sold half of the goods that bought (from transaction o) on credit at RM3,400 q) Received cheque from debtor RM 1,800 r) Paid rent RM800 with cash s) Paid a creditor RM 2,000 by cheque. Required: a. Record the transactions in the tabular format by showing the effect on assets, liabilities and owner's equity. (Note: You are required to list out all the assets, liabilities and capital involved in the transactions, eg: cash, bank, office equipment and etc) b. (14 marks) DETAIL TRANSACTIONS ASSETS LIABILITIES CAPITAL REVENUE EXPENSES DRAWINGS A)........ (+). (-) CT TOTAL Based on the accounting equation Assets Liabilities + Owner's Equity, Briefly explain with examples the following: i) Assets ii) Liabilities iii) Owner's Equity (2marks) (2marks) (2marks)