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i need its answers as soon as possible please Assignment A government unit started with beginning balances of 120,000 AED in assets, 40,000 in liabilities
i need its answers as soon as possible please
Assignment A government unit started with beginning balances of 120,000 AED in assets, 40,000 in liabilities and 80,000 AED fund balance. During a month the following transactions occurred: 1. The government signs a 90-day 10,000 AED note to the vendor with interest of 5% instead of an invoice at the same amount. 2. an investment (an asset) is purchased at a cost of 30,000 AED and cash (an asset) is disbursed. 3. a government borrows 5,000 AED by issuing revenue anticipation notes (resulting in a current liability) and receives cash (resulting in an asset). 4. a government issues checks (reducing an asset) totaling 15,000 AED to vendors to pay accounts payable (reducing a liability). 5. The government receives payment of property taxes in the amount of 30,000 LE. 6. The government spent 2,000 AED in cash to purchase office supplies. Required: Prepare a tabular analysis and show the effects of these transactions on the governmental accounting equationStep by Step Solution
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