Question 1. Accounting Equation and Recording Events Allow about 18 minutes to answer this question Lava Lamps Ltd is a retailer that sells lights and related electrical products in several shops. The following events occurred in April 2021: (a) Inventory was purchased for $1,500 on account from Electric Lights Ltd. (b) Paid last month's telecommunications invoice for $350 (note that the invoice was received and recorded as an expense last month). (c) The owner of Lava Lamps Ltd contributed addition capital to the business. This is a delivery van with a fair value of $5,000. (d) Lava Lamp Ltd sold lights to a customer for $825. The customer promised to pay for the lights next month. (e) From event (d), the inventory records show that the lights had a cost of $480. (f) Received this month's electricity invoice for $650 (note that this will be paid next month). Required: Indicate in which columns in the accounting equation worksheet each of events (b) to (e) would appear, and which accounts would be added to or subtracted from. Note that event (a) has already been correctly recorded in the worksheet., and the answer for (a) is given below the worksheet. You need to state how (b) to (e) would be recorded, in the same layout as (a) below the worksheet. Balance Sheet Income Statement Event Assets = Liabilities + Equity + Revenue - Expenses (a) +$1,500 Inventory +$1,500 Accounts payable Answer to (a): Assets: +$ 1,500 Inventory; Liabilities: +$1,500 Accounts payable Answer (b) to (f) in a similar way. Type your answers into the text box below (or type into a document and then copy and paste into the text box below - paste answer NOW before continuing) 2 marks per event TOTAL: 10 MARKS