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2- Given below are a number of typical transactions and balances that might be found in a business. Fill in the boxes to indicate whether
2- Given below are a number of typical transactions and balances that might be found in a business. Fill in the boxes to indicate whether the items are assets, liabilities, expenses or income. (a) Goods stored in the warehouse awaiting resale (b) Electricity bill paid (c) Cash received from sale of goods (d) Amounts owing from a customer (e) Rent paid for the factory building (1) Cash paid into the business by the owner (g) Amounts owed to suppliers (h) Cash held in the till (i) Machinery purchased for use in the factory () Rent received for subletting part of the factory premises (k) Cash held in the business bank account (11 marks)
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