Based on FUNDAMENTAL ACCOUNTING & FINANCE

QUESTION 1 Identify the effects (increase/decrease) of the following transactions into asset, expense, equity, revenue and liability and state the double entries (accounts to be debited and credited with amount) using the format provided herein. The answer for the first transaction was provided as example: Date Transactions Effects (Dec 2020) Increase Decrease 1 Owner deposited RM50,000 into the business' bank account. (Example) Owner's Equity Assets 9 Business bought goods amounting RM3,000 on and paid cash. 12 Sold some of the goods to a customer and received cheque amounting RM8,000 15 Purchased another goods on credit from a supplier, Paloh Enterprise amounting RM4,000 27 Business received some rental income amounting RM300 cash. 31 Business took some loan from RHB bank amounting RM20,000 and the money was transferred into the business bank account