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Adam opened a new company. During the month of July, the following transactions occurred: July 1: Ahmad started with $500,000 in the bank account. 5:
Adam opened a new company. During the month of July, the following transactions occurred: July 1: Ahmad started with $500,000 in the bank account. 5: Purchased Building worth $200,000 Cash. 10: Purchased Equipment for $50,000 on account 15: Performed services for $30,000 on account. 18: Received a payment of $5,000 from a client. 25: Paid $20,000 from the amount due in purchasing of Equipment. 30: Paid $4,000 Salaries for the current month. Required: Prepare a schedule of transactions showing the effect of each of the above transactions on accounts
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