Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Show the effect of the following transactions in the accounting equation. For example: No. Account DR Account CR A = OE + L 1. Furniture
Show the effect of the following transactions in the accounting equation.
For example:
| No. | Account DR | Account CR | A = | OE + | L |
| 1. | Furniture | Capital | + 20 000 | + 20 000 | 0 |
- The owner deposited R 60 000 into business current account as his contribution.
- Sold goods on credit to F Malila for R 7000 (Cost price R4 500).
- Business obtained a loan of R30 000 from FCB Bank, the money was transferred to the business current account.
- Bought stationery on credit, R300.
- Owner withdrew R400 for personal use. Please assit me with this Homework
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Understanding Business And Finance An Active Learning Approach Promoting Act
Authors: Jill Hussey
1st Edition
9781858050799
