Question
Question 2 Analysing business transactions. (10 marks) The following table contains several business transactions for the current month. Required: Identify the names of which accounts
Question 2 Analysing business transactions. (10 marks)
The following table contains several business transactions for the current month.
Required: Identify the names of which accounts are affected, how they are affected (+/-, increase or decrease), and the element of the financial statement of these accounts (A, L, OE, R, E).
| Business Transactions | The owner contributed $30,000 cash to commence the business. | Purchased computer equipment for $18,000 on credit. | Cash received for services provided $6,900. | Borrowed $40,000 from the bank to be repaid in 5 years. | Paid $250 cash for advertising expense for the current month. |
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