Question
QUESTION 2 Complete the effects of the following transactions: Effect upon Assets, Liabilities and Owners Equity. Use the Accounting Equation Method to calculate the answers
QUESTION 2
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| Complete the effects of the following transactions: Effect upon Assets, Liabilities and Owners Equity. Use the Accounting Equation Method to calculate the answers in each of the following:
Required: |
| a. | Record the transactions in the tabular format by showing the effect on assets, liabilities and owners equity. (Note: You are required to list out all the assets, liabilities and capital involved in the transactions, eg: cash, bank, office equipment and etc) (14 marks) |
| b. | Based on the accounting equation Assets = Liabilities + Owners Equity, Briefly explain with examples the following: i) Assets (2marks) ii) Liabilities (2marks) iii) Owners Equity (2marks) |
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| (Total :20 marks) |
PLS ANSWER QUESTION B, I will give you a positive rating. THANK YOU
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