Question
Question # 4 (Marks 5) For each of the following items, give an example of a business transaction that has the described effect on the
Question # 4 (Marks 5) For each of the following items, give an example of a business transaction that has the described effect on the accounting equation: a. Decrease an asset and Decrease a liability. b. Increase one asset and decrease another asset. c. Decrease an asset and decrease owner's equity. d. Increase an asset and Increase a liability. e. Decrease an asset and Decrease owner's equity. Question # 5 (Marks 5) Prepare the general entries Following transactions were completed by Mr.khalid during the month. 1. Khalid invested in business cash Rs.55000, office supplies Rs.1500, office equipment Rs.45000 2. Obtained loan from bank Rs.100,000 3. Purchase office equipment from Karim&Co. for Rs.25000 and paid Rs.12000 4. Paid rent for office premises in advance for three moths Rs.3000 per month. 5. Purchase goods on credit from ABC & Co. Rs 25000
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