Dubai Women's Campus BUS 1503 Accounting for Managers Demonstration of the Basic Accounting Equation Anwar won a grand prize of AED 1.000.000 during the recent Dubai shopping festival. He decides to open a shop selling a variety of mobile phone accessories. Day 1: Anwar opens a bank account in the name of the business called "Funky Fones" and deposits AED 500,000.- Assets - Liabilities + Owner's Equity 1.000.000 500.000 500.000 Day 2: Anwar buys Furniture from Marlin Furniture for AED 100,000 on credit Assets Liabilities + Owner's Equity WC. 600 1000. OCD Day 3: Anwar buys many accessories from different suppliers for AED 200,000. He pays cash for all his purchases. Assets Liabilities Owner's Equity 1.000.000 Qoo.co $60,000