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Muaz has established a small business enterprise selling handphone accessories and repairing services on October 2020 and completed the following transaction during October. 1)
Muaz has established a small business enterprise selling handphone accessories and repairing services on October 2020 and completed the following transaction during October. 1) Opened a business bank account with a deposit of RM20,000 from personal funds 2) Purchased accessories supplies on account, RM2,300 3) Repaired handphone, receiving cash RM500 4) Paid creditors on account, RM1,800 5)Paid half of the shop rental of RM1,000 per month and bought cash,some repairing equipment, RM600 6) Bought a second hand car using personal funds, RM12,000 for company use 7) Repaired 3 handphones, each charged a service fee of RM200. Only 2 customers had paid in full 8) Paid a sales assistant half of the salary RM600 per month 9) A customer paid the service fees outstanding for handphone repaired 10) Muaz withdraw RM300 from the business for personal use. Instruction... Based on the transaction, show the effect on the expanded accounting equation (indicating the name of the accounts, amounts and which accounts increase/decreases) based on the format below: EXAMPLE: Asset = Liabilities +Owner Capital Acc.Receivable Increase RM50 Use the following terms to identify the accounts: Cash, Muaz Capital, Accesories Supplies, Accounts payable,,Service Fees, Fees Receivable,Rent Expense, Repairing Equipment, Motor Vehicle, Muaz Withdrawals, Salary Expense, Salary Payable. Drawings +Revenue Sales Revenue Increase RM50 Expensese
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