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Please answer questions E1-7, E1-8, E1-9 with detailed explanation, please follow AASB standards (Australian Accounting Standards), thank you E1-7 USING THE ACCOUNTING EQUATION [5 MIN]
Please answer questions E1-7, E1-8, E1-9 with detailed explanation, please follow AASB standards (Australian Accounting Standards), thank you
E1-7 USING THE ACCOUNTING EQUATION [5 MIN] (LO 2 The records of Meehan Company show the following at 30 June 2021: Requirements 1. Calculate the missing amount for Meehan Company. You will need to work through owner's equity. 2. Did Meehan earn a profit or suffer a loss for the year? Calculate the amount. E1-8 USING THE ACCOUNTING EQUATION TO ANALYSE TRANSACTIONS [5 MIN] (LO 3 ) As the manager of a restaurant, you must deal with a variety of business transactions. Give an example of a transaction that has each of the following effects on the accounting equation: a. Increase one asset and decrease another asset. b. Decrease an asset and decrease equity. c. Decrease an asset and decrease a liability. d. Increase an asset and increase equity. e. Increase an asset and increase a liability. E1-9 USING THE ACCOUNTING EQUATION TO ANALYSE Indicate the effects of the following business transactions on the accounting equation of Vivian's Online Video store. Transaction a is answered as a guide. a. Received cash of $10000 from owner and gave capital. Answer: Increase asset ( Cash); Increase equity (Vivian, capital) b. Earned video rental revenue on credit, $2800. c. Purchased office furniture on credit, $300. d. Received cash on account, $400. e. Paid cash on account, $100. f. Rented videos and received cash of $200. g. Paid monthly office rent of $1000. h. Paid $100 cash to purchase office supplies
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