Ensuring the accounting equation A + Ex = L + E + I stays in balance:

After you have entered each transaction check that column M tells youOK.While you are entering the transaction it will show as "try again" until you have itbalanced, meaning debits equal credits.Note that OK only means you have the maths correct.The accounting might still be incorrect.

Required:

Enter the following selection of transactions for Kiwi Fishing on the accounting equation template.Note:GST is ignoredin this example.Refer to the spreadsheet instructions below explaining how to enter transactions.

1.Paid last month's invoice for purchases $8,300, recorded last month as credit purchases.

2.Paid $300 for electricity bill.

3.Cash sales of fishing gear $6,800

4.Purchases of fishing gear on credit $8,500.

5.Paid $1,500 off the bank loan.

6.Sold fishing gear to MRP on credit for $6,200.MRP paid a 15% deposit.

7.Paid wages of $1,300.

8.Received $6,500 for cash sales of fishing gear.

9.Jarred bought a new personal laptop using the business EFTPOS card $1120

10.Received an additional payment of $650 from MRP.

11.Purchased fittings and equipment for the business on credit, $8,300 paying a 25% deposit.

12.Paid $110 interest on the loan.