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Indicate the effect upon assets, liabilities, capital, revenues and expenses for the following transactions. An example is given for transaction 1. Please use + to
Indicate the effect upon assets, liabilities, capital, revenues and expenses for the following transactions. An example is given for transaction 1. Please use + to indicate an increase and - to indicate a decrease using the following format:
No. Transactions Effect on Expense Liabilities Asset Capital Revenue 1 + Purchased machinery by cash Machinery - Cash 2 N 3 4 5 6 Purchased goods on credit Credit sales to Abu Loan of RM100,000 has been approved and the money is deposited into a savings account. The repayment period is 5 years. Paid salary to workers by cash Incurred electricity expense of RM400 but will be settled in the next accounting period Received payment from debtors in a form of cheque Interest on fixed deposit was due but not yet received Owner took some cash for personal use Sold goods on cash basis Transferred some money from bank to petty cash 7 8 9 10 11Step by Step Solution
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