Question
The following transactions occurred in the first month of the business operation: No Transactions Effect on Assets Liabilities Equity Example Commission received, RM200 Increase Increase
The following transactions occurred in the first month of the business operation:
No | Transactions | Effect on | ||
Assets | Liabilities | Equity | ||
Example | Commission received, RM200 | Increase |
| Increase |
1 | Introduced capital of RM50,000 cash into the business. |
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2 | Withdrew RM500 cash to pay for his mothers medical bills. |
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3 | Bought a van on credit RM70,000 from Proton. |
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4 | Customer paid the business RM6,300. |
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5 | The business pay supplier RM2,700 through online banking. |
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6 | Repaid a RM780 loan owed to Robert by cash. |
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7 | Paid internet bills RM200. |
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8 | Purchased goods by cash RM1,200. |
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9 | Opened a bank account at MAYBANK and deposited RM30,000 cash. |
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10 | Paid to staff salary by cheque amounting to RM2,600. |
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Required: Complete the above columns to show the effects (Increase/Decrease) of the transactions.
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