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Please answer questions E1-10, E1-11, E1-12 with detailed explanation, please follow AASB standards (Australian Accounting Standards), thanks! 1-10 USING THE ACCOUNTING EQUATION TO ANALYSE USINESS
Please answer questions E1-10, E1-11, E1-12 with detailed explanation, please follow AASB standards (Australian Accounting Standards), thanks!
1-10 USING THE ACCOUNTING EQUATION TO ANALYSE USINESS TRANSACTIONS [5-10 MIN] (LO 3 ) ndicate the effects of the following business transactions on the ccounting equation for Sam's Snack Foods, a supplier of snack ods. Transaction a is answered as a guide. a. Sam's Snack Foods received cash from the owner and gave capital to Sam. Answer: Increase asset ( Cash); Increase equity (Sam, capital) b. Cash purchase of land for a building site. c. Paid cash on accounts payable. d. Purchased equipment; with a loan. e. Performed service for a customer on credit. f. Employees worked for the week but will be paid next Tuesday. g. Received cash from a customer on accounts receivable. h. Borrowed money from the bank. i. Owner withdrew cash. j. Incurred electricity expense on credit. E1-11 USING THE ACCOUNTING EQUATION TO ANALYSE BUSINESS TRANSACTIONS [5-10 MIN] (LO 3) The analysis of the first eight transactions of Advanced Accounting Service follows. Describe each transaction. E1-12 USING THE ACCOUNTING EQUATION TO ANALYSE BUSINESS TRANSACTIONS [15-20 MIN] (LO 3) Samantha Stamford opened a medical practice. During July, the first month of operation, the business, titled Samantha Stamford, GP, experienced the following events: Requirement Analyse the effects of these events on the accounting equation of the medical practice of Samantha Stamford, GP, using the following formatStep by Step Solution
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