Expanded Ledgers Basic Assignment

Remember: We now use accounts with more meaningful names so that we can determine more comprehensive information rather than just putting everything into Capital $($Revenue$,$ Expenses and Drawing$).$ Hint: The Capital account is not used in this assignment.

Question $1$

For each transaction given in the chart, show the change in the company balance sheet accounts. Re$-$create this chart in a Word document, and complete only the appropriate sections, specific for each transaction $($there will be many blanks left in the completed table$).$

The first transaction has been completed for you:

Note: Expense and drawing amounts are negative values, indicating a decrease in the total equity.

$10$ marks

$\backslash$table$[[,\backslash$table$[[$Transaction$],[$Assets$]],\backslash$table$[[$Total$],[$Liabilities$]],$Total Equity,,$],[,-350,,,,,],[1,,,,,,,]]$