Question 1 The following are Chico Trading's transactions for May 2022. Date Business Transactions 1 Started business with RM5,000 cash at the bank. 3 3 8 10 Purchased goods worth RM2,000 by cheque. Purchased goods worth RM1,000 on credit from Iman Sdn. Bhd. Sold goods for cash RM1,500. Purchased stationery by cash RM50. 15 Paid Iman Sdn. Bhd. RM900 by cheque. 25 Paid staff salary of RM1,200 by cash. Required: a) Identify the above transactions' effects (increase/decrease) on assets, liabilities, owner's equity, revenues, and expenses. b) Identify the double entry to record the transactions above. An example is provided below. (5 marks) (5 marks) 1 Jan 2022 - Fuzi brought in RM100,000 cash and deposit the money into the business bank account. 2022 Effects Account to be debited Account to be credited Jan 1 Increase assets Bank Increase owner equity Capital [Total: 10 Marks]