Jeremy sets up a small business selling souvenirs. He started the business on 1st April 2018 with RM30,000 in the bank account and a motor van worth of RM25,000. He employed two full time workers to manage and operate the business with salary of RM1,000 per month. On 3rd April 2018, the business purchased inventories on credit from Zucker Trading amounted to RM5,000. The credit term for this purchase was 5/15 net 30. On the following day, cash sales of RM3,000 were received from Niall. However, on the next day, Niall returned some souvenirs worth of RM200 due to defects. On 10th April 2018, the business issued a cheque to Zucker Trading for full settlement of its account. On 18th April 2018, Jeremy took a few souvenirs as present for his friends wedding worth RM300. The next day, the business received RM2,500 bank transfer from its customer for the sales of souvenirs made. On 28th April 2018, the business paid salary of RM1,000 for each of the worker. Required: Analyse the effects of each transaction above on the accounting equation using the following format: Example: May 1 Interest received by cash RM2,000. Date Assets = Liabilities + Owners equity

Capital - Drawings + Revenues - Expenses