The following set of transactions was extracted from Car Service Boss Traders, for the month of August 2023 1 Started the business with the owner investing R300 000 cash 2 Purchased office furniture by paying R80 000 on credit 3 Completed a service for a credit customer, R4 500 4 The owner took cash from the business for his personal use, R120 000 5 Paid for the monthly rates and taxes account, R800 REQUIRED Compile the transactions in an accounting equation Use the template below to compile the transactions in an accounting equation When completing the template below ensure that numbers are written without without spacing and decimals Where there is no impact on the accounting element indicate as such with ( 0) e g Received R5 500 from Mr ABC for partial settlement of his account No Debit Credit Assets Owners equity Liabilities Example Bank Debtors control 5500 5500 0 0 Date Debit Credit Assets Owners equity Liabilities 1 Answer BankCapitalSalesOther Income Answer CapitalBankSalesOther Income Answer Answer Answer 2 Answer Office FurnitureBankcapitalcreditors control Answer Office FurnitureBankcapitalcreditors control Answer Answer Answer 3 Answer debtors controlfees incomebankother income Answer debtors controlfees incomebankother income Answer Answer Answer 4 Answer DrawingsBankCapitalother expenses Answer DrawingsBankCapitalother expenses Answer Answer Answer 5 Answer rates and taxes expensebankdebtors controlcreditors control Answer rates and taxes expensebankdebtors controlcreditors control Answer Answer Answer The following set of transactions was extracted from Car Service Boss Traders, for the month of August 2023 1 Started the business with the owner investing R300 000 cash 2 Purchased office furniture by paying R 80000 on credit 3 Completed a service for a credit customer, R4 500 4 The owner took cash from the business for his personal use, R120 000 5 Paid for the monthly rates and taxes account, R800 REQUIRED Compile the transactions in an accounting equation Use the template below to compile the transactions in an accounting equation When completing the template below ensure that numbers are written without without spacing and decimals Where there is no impact on the accounting element indicate as such with ( 0) e g Received R5 500 from Mr ABC for partial settlement of his account

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 31, 2024

The following set of transactions was extracted from Car Service Boss Traders, for the month of August 2023 1. Started the business with the owner

The following set of transactions was extracted from Car Service Boss Traders, for the month of August 2023

1. Started the business with the owner investing R300 000 cash.

2. Purchased office furniture by paying R80 000 on credit.

3. Completed a service for a credit customer, R4 500.

4. The owner took cash from the business for his personal use, R120 000

5. Paid for the monthly rates and taxes account, R800

REQUIRED

Compile the transactions in an accounting equation. Use the template below to compile the transactions in an accounting equation.

When completing the template below ensure that numbers are written without without spacing and decimals. Where there is no impact on the accounting element indicate as such with (+0)

e.g. Received R5 500 from Mr ABC for partial settlement of his account

No.

Debit

Credit

Assets

Owners equity

Liabilities

Example

Bank

Debtors control

+5500

-5500

Date

Debit

Credit

Assets

Owners equity

Liabilities

Answer BankCapitalSalesOther Income

Answer CapitalBankSalesOther Income

Answer

Answer Office FurnitureBankcapitalcreditors control

Answer

Answer debtors controlfees incomebankother income

Answer

Answer DrawingsBankCapitalother expenses

Answer

Answer rates and taxes expensebankdebtors controlcreditors control

Answer

The following set of transactions was extracted from Car Service Boss Traders, for the month of August 2023 1. Started the business with the owner investing R300 000 cash. 2. Purchased office furniture by paying R 80000 on credit. 3. Completed a service for a credit customer, R4 500. 4. The owner took cash from the business for his personal use, R120 000 5. Paid for the monthly rates and taxes account, R800 REQUIRED Compile the transactions in an accounting equation. Use the template below to compile the transactions in an accounting equation. When completing the template below ensure that numbers are written without without spacing and decimals. Where there is no impact on the accounting element indicate as such with (+0) e.g. Received R5 500 from Mr ABC for partial settlement of his account