orang ason operating a plumbing business as a proprietorshoon China Plumbing The focum events took place during the month of June 2010 k the icon to view transactions) Required con the accounting assumption, principle or characters that would be applicable to each of the events and discuss the efects it would have on the financial statements of John Chang Plumbing June 1 The equipment should be recorded at to his brother at Jo notas June 3 Y The work should be recorded at as the is the only objective evidence of what the work was worth June 10 This event be recorded as a transactions or received with the signing of the lease waspard June 18 V The ban be recorded by the company as it is by June 28 The wisdiawal should be recorded at Since the withdraw relate to the business The that Joha paid on the loans the records of John Chang Plumbing as it is a transaction and therefore, be recorded by the company June 30 John must the value of the shop equipment Accountants assume that the dollar's purchasing power is June 1 John's brother retired and sold his equipment to John for $30,000. The equipment had cost $50,000 and had a replacement cost of $38,000 3 The business did some plumbing repairs for a customer. The business would normally have charged $1,500 for the work, but had agreed to do it for $1,000 cash in order to encourage more business from the customer 10 The business signed a lease to rent additional shop space for the business at a cost of $3,000 per month The business will occupy the premises effective July 1, 2019 18 Finding he was low on cash, John went to the bank and borrowed $8,000 on a personal loan. 28 John withdrew $12,000 from the business and used $7,000 to repay the personal bank loan of June 18 30 The accountant is preparing the financial statements. The value of the John's equipment has increased to $35,000. John does not understand why accountants ignore the effect of inflation in the accounting records. orang ason operating a plumbing business as a proprietorshoon China Plumbing The focum events took place during the month of June 2010 k the icon to view transactions) Required con the accounting assumption, principle or characters that would be applicable to each of the events and discuss the efects it would have on the financial statements of John Chang Plumbing June 1 The equipment should be recorded at to his brother at Jo notas June 3 Y The work should be recorded at as the is the only objective evidence of what the work was worth June 10 This event be recorded as a transactions or received with the signing of the lease waspard June 18 V The ban be recorded by the company as it is by June 28 The wisdiawal should be recorded at Since the withdraw relate to the business The that Joha paid on the loans the records of John Chang Plumbing as it is a transaction and therefore, be recorded by the company June 30 John must the value of the shop equipment Accountants assume that the dollar's purchasing power is June 1 John's brother retired and sold his equipment to John for $30,000. The equipment had cost $50,000 and had a replacement cost of $38,000 3 The business did some plumbing repairs for a customer. The business would normally have charged $1,500 for the work, but had agreed to do it for $1,000 cash in order to encourage more business from the customer 10 The business signed a lease to rent additional shop space for the business at a cost of $3,000 per month The business will occupy the premises effective July 1, 2019 18 Finding he was low on cash, John went to the bank and borrowed $8,000 on a personal loan. 28 John withdrew $12,000 from the business and used $7,000 to repay the personal bank loan of June 18 30 The accountant is preparing the financial statements. The value of the John's equipment has increased to $35,000. John does not understand why accountants ignore the effect of inflation in the accounting records