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The following transactions during January 2020 relate to County Traders: Date January Details Amount (R) 01 Paid for rental of equipment. 500 04 Purchased a

The following transactions during January 2020 relate to County Traders:

Date

January

Details

Amount

(R)

01

Paid for rental of equipment.

500

04

Purchased a vehicle on credit from Sevenoaks.

24 000

06

Received partial payment from debtor, Kent.

2 000

08

The owner pays with a business cheque for personal expenses.

Withdraws money for personal use.

1 200

800

10

Paid creditors.

12 000

12

Rendered services on credit to Surrey.

4 000

15

Issued a credit note to Surrey for unsatisfactory services.

200

20

Cashed cheque 111 for: Telephone

Wages for the month

150

900

Required:

Show the effect of the above transactions of R Red on the accounting equation. Use + to denote an increase, - to denote a decrease and 0 to denote no change to the elements of the equation. Present the above transactions in the following format:

No.

Acc debit

Acc credit

Assets

=

Equity

+

Liabilities

e.g.

Bank

Sales

+200

+200

0

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