Illustration 5 Prove that the accounting Equation is satisfied in all the following transactions 1. Started business with $30,000 2. Goods purchased for cash $15,000 3. Paid rent $5,000 4. Purchased goods on credit $10,000 5. Received commission$4,000 6. Paid salary $5,000 7. Cash paid to creditors $5,000 8. Withdrew for personal purpouse$1,000 9. Purchased goods for cash $3,500 10. Cash paid to creditors $5,000 Solution Transactions Assets = Liabilities + Capital 1. 2. New equation 3. New equation 4. New equation 5. New equation 6. New equation 7. New equation 8. New equation 9. New equation 10. New equation