Question 1 Business Transactions Date July 2020 1 Balance brought down for various accounts: 2 3 4 5 6 7 8 10 Motor vehicle RM30,000; Office Equipment RM20,000; Inventory RM15,000; Cash in hand RM3,000; Bank RM75,000; Trade Receivables RM22,000; Trade Payables RM40,000. Received bills from Haji Bakhil Sdn Bhd (HBSB) for July 2019 rental of RM7,000. Received bills from Tenaga Nasional Berhad (TNB) for RM1,500. Sold goods on credit to Tuku RM16,000 and Tiki RM8,500. Purchased goods on credit from Azam RM13,000 and Akim RM8,500. Good returned by Tuku RM1,000 and Tiki RM500 due to damage in transit. Paid TNB in full using company's cheque. Bought office equipment for RM27,000 on credit from Harvey Corman Bhd. Damaged goods were returned to Azam RM1,000. Required: As per example provided below, you are required: 1 July 2020 - Fuzi brought in RM100,000 cash and deposit the money into the business bank account. 2020 Account to be credited Effects Increase assets Increase owner equity Account to be debited Bank July 1 Capital a) Identify the effects (increase/decrease) of the above transactions on assets, liabilities, owner's equity, revenues and expenses. (10 marks) b) Identify the double entry to record the transactions above. (10 marks) (Total: 20 Marks) 3