The following transactions also happened in the financial year:

a. Maggie Ltd raised share capital of $1,000,000.

b. Paid off the beginning balance of accounts payable.

c. Purchased office supplies $8,400 from OfficeMax. The amount will be paid in Jan 2021.

d. Collected cash from a customer on account, $13,700.

e. Paid dividend $130,000.

f. All the inventory purchased is paid in cash. Sold the commodity Algo at $350 per unit consistently throughout the financial year. At the end of the financial year, $60,000 is still outstanding and will be paid in the following year.

g. Recorded the following business expenses for the year:

Paid office rent: $6,000.

Paid wages: $54,000.

Required:

1. Analyse the effects of the transactions on the accounting equation of Maggie Ltd using the format presented.

2. Prepare a balance sheet as of 31 Dec 2020.

Please fill in the table below to show the effect of each transaction and update the balances. For items that are not affected by a transaction, please enter blank in the blank. Please do not enter any space, dollar signs, or commas. (For example, enter 1900 rather than $1,900). Round a number to the nearest integer. No decimals. (For example, 1900 rather than 1900.00).

ASSETS - LIABILITIES EQUITY Cash Accounts Receivable Inventory Office supplies + + Land Accounts payable + Share capital Retained Earnings (as at 1 Jan, 2020) Dividend Sales revenue. COGS . Rent expense - Wages expense 37000 + 16200 + 10000 - blank + 210000 - 7800 200000 - 55100 - blank - blank - blank - blank. blank 1. 12X X bland V Bank 10 blans blank Elink Wank blank blank BE 107000 6200 V + 1900 V blank 2100 17800 + 200000 + 55100 blank blank bak Hank blank - MIN Wank Islans hank -1710 blank Island blank blank Want blank blank Bar 1019200 6200 10000 blank V 210000 blank X 1200000 35400 blank + blank blank blank blank -4011 Wank Islans X x blank | blan Blank blank Wanh Blank blink B. 1010800 6200 10000 8400 210000 blank : 1200000 35400 blerk + blank blank blank blank 11/10 X Island hank Bank Wank Island Dank Want blank blink BA 1024500 2500 + 10000 - 8400 210000 blank X + 120000 X 35400 . bler blank blank blank blank e. blenk X blerk blans blank bank 130000 blerk blons 130000 X blenk blank blerk blenk 1024300 2500 10000 8400 210000 130030 1203000 35400 130003 blank blank blank blank 00003 x blerk blans X blank bank blank blenk blons blerk 00030 blank blerk blenk 1084300 2530 X + 10000 X 8400 210000 V 130030 X + 1200000 35400 130000 - 60000 blank x bler blank 00000 3. blank blans V blank bank blank blerk Clans blerk blenk blank 0000 X 3000 X X 2590 X 10000 X 210000 10000 1200000 55.00 130000 2000 X 000