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please fast I need the assets. labilty. Chapter 1: Practice questions (Accounting Equation) Question 1: Following are the transactions for MR. N's Books of accounts.
please fast
I need the assets. labilty.
Chapter 1: Practice questions (Accounting Equation) Question 1: Following are the transactions for MR. N's Books of accounts. 1. Started a business with 100,000 SR cash. 2. Bought furniture for 25,000 Cash. 3. Bought equipment for cash SR 20,000 4. Bought office supplies for SR 5,000 on credit from MR. X 5. Provided services for SR 15,000 Cash 6. Provided services for SR 8,000 on credit to MR. Y 7. Paid cash to Mr.X SR. 4,000 8. Received cash from Mr. Y SR 5000. Question 2: Miss Hanouf has started a beauty parlor by investing 50,000 SR cash on 19 March 2012. Following are the business transaction for the business. 1. Miss Hanouf has spent 10,000 SR cash for the parlor equipment 2. Other parlor accessories were purchased for 20,000 on credit. 3. Miss Hanouf has paid the 3000 SR as rent in cash. 4. 3000 SR were earned and received in cash for bridal make up services 5. The parlor has provided services on account to some of the customers and wrote 4000 SR as receivables. 6. Miss Hanouf discussed an expansion project amounting 100,000 SR with her friend Sara. They might expand the services to other cities in 2015. 7. The entire electricity bills for the month were still due amounting 1500 SR in total. 8. Miss Hanouf received 2000 SR cash in terms of receivables Step by Step Solution
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