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In June 2022, Alin opened a mini golf as a sole trader, and completed the transactions below during its first month of operations. For the
In June 2022, Alin opened a mini golf as a sole trader, and completed the transactions below during its first month of operations. For the sake of simplicity, GST is ignored. Explain the changes in accounting equation of the following transactions. Paid $5,000 for advertising Purchased martial arts equipment costing $10,000 for cash A customer paid 12-month membership in advance Paid telephone bill of $3,000 The owner withdrew $5,000 to pay for his daughter's tuition fee. Paid $3,000 for rent for the month of June Recorded cash revenue for the first half of the month of $20,000 Paid insurance expense for June of $2,000 by EFT Purchased supplies on credit for $6,000 Alin invested $100,000 in his business Increase a liability and decrease equity Decrease an asset and increase another asset Decrease an asset and increase another asset Decrease an asset and increase another asset Decrease an asset and decrease equity Decrease an asset and increase another asset Increase an asset and increase equity Decrease an asset and increase another asset Increase an asset and increase a liability Increase an asset and increase equity
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