Example \#3 Use the Accounting equation to record the following transactions then create the 4 Financial Statements (Income statement, Statement of Retained Earnings, Balance sheet, \& Cash Flow). \{in total 5 tables Following are the accounting transactions relating to Mr. P's business. Use the accounting equation to show their effect on his assets, liabilities and capital. i. Commenced business with a Capital of 50,000 ii. Bought Machinery for cash 10,000 iii. Purchased goods for cash 15,000 iv. Purchased goods from A on credit 5,000 v. Sold goods for cash 10,000 vi. Paid to A 2,000 vii. Sold goods to B on credit 3,000 viii. Paid into Bank 6,000toC ix. Paid to A by cheque 1,000 x. Received from 8 a cheque for 2,000