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The following events occurred during the first month of jack consultancy limited On September1, mr jack started his business with $200,000 On September 2 purchased
The following events occurred during the first month of jack consultancy limited
- On September1, mr jack started his business with $200,000
- On September 2 purchased furniture on credit $50000
- On September 4 , purchased goods(for resale) for sale $50000 and $40000
- On September4 ,issued a purchase order to a vendor for supplying goods value $100,000
- On September 6, borrowed money from a bank $40000
- On Septembert 7, sold goods to mr x for $20000 on credit
- On September 11, paid $10000 to the bank against borrowed money
- On September 15, he paid $5000 cash as rent for office
- on September 18, he finished his office by installing the old equipment and some brought on credit for $100000
- On September 20 cash receipts from consultancy service provided $80000
- On September 22, provided consultancy services on account for $10000
- On September 25 received $10000 for services previously rendered on account
- On September 25 paid $12000 to an assistant for working during the grand opening of the office
- On September 26, paid $ 10000 against the account payable
- On September 27 he withdrew $ 9000 cash for her personal use
Prepare the accounting equation based on the above transaction
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