Joan Company had the following transactions for the month of July 2020.

1. Paid RM3,200 for monthly rent expense. (Example answer as below) 2. Purchased office equipment amounted RM15,000 on credit.

3. Shareholder invested additional RM20,000 cash in exchange for ordinary shares. 4. Made advance payment amounted RM1,100 for the monthly utility consumption. 5. Accrued advertising expense for the month amounted RM4,300.

Required:

(a) Starting from transaction (2), indicate the impact on the accounting equation. For example, answer (1): Decrease Assets, Decrease Equity .

(16 Marks)

(b) Indicate the THREE (3) types of business ownership.

(3 marks)

(c) Briefly explain the THREE (3) types of business ownership.

(3 marks)

(d) There are two types of users that are interested of accounting information in a company. Give any THREE (3) examples of internal users.

(3 marks)