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Below are some transactions relating to Wo-B3te-Dwee Enterprise for the month of July. For each transaction, state clearly, the effect on the accounting equation.
Below are some transactions relating to Wo-B3te-Dwee Enterprise for the month of July. For each transaction, state clearly, the effect on the accounting equation. (i) Started business with cash at bank of GH$5,000, premises worth GH 4,500, and machinery worth GH3,200 (ii) Bought a van on credit GH10,700. (iii) Repaid by cash a loan owed to Cal Bank Ltd GH10,000. (iv) Bought goods for GH1,400 with cheque. (v) The owner puts a further GH4,000 cash into the business. (vi) A debtor returns GH150 goods to the business. (vii) Bought goods on credit GH760. (viii) The owner took out GH200 cash for his personal use (ix) Paid a creditor GH1,150 by cheque. (x) Sold goods worth GH850 for GH950. (xi) Received an interest of GH35 on the business' bank account.
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