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Need a transaction Homewint Question 2.5 Roger Pierce commenced business as a sole trader on 1 August 20.7. At this point he only had R
Need a transaction
Homewint Question 2.5 Roger Pierce commenced business as a sole trader on 1 August 20.7. At this point he only had R 40 000 in the bank, being R 10 000 from his personal funds and R 30 000 from the bank in the form of a loan. Rodger entered into the following transactions during August 20.7: Date Transaction Cashed a cheque from R 2 000, being for petty cash. Purchased merchandise (trading inventory) by cheque, R 11 000. Purchased office equipment on credit, R 12 000. Redeemed (paid off) R 3 000 on the bank loan. 21 31 Required Calculate Roger's equity in his business on 31 August 20.7. Show the effect of each transaction on the accounting equation, and explain your findingsStep by Step Solution
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