Question 3 Show the effects upon assets, liabilities, owner's equity, revenue and expenses by using the format given below. Transactions Effect Example: Paid salary by cheque RM2,000 Increase expenses Decrease assets i. Tipah sets up Tulip Trading with cash at bank RM8,000 and motor vehicle RM1000. Cash sales to Baba amounted to RM5,000. The proprietor uses the business cheque RM2,000 to pay for his house rental. iv. Took out RM5,000 of cash from the bank to pay salaries. v. Paid audit fees RM6,000 by cheque... vi. Cash discount allowed to customer amounted to RM300. vii. Purchase land for use as a parking lot, paying by cheque RM45,000. vil. Received dividend by cheque from Amanah Saham Rakyat RM3,000. ix. Bought goods on Raju Trading RM1.500 on credit. Share your file: 81%