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Q1: A number of transactions of KK enterprise are described below in terms of the...

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Q1: A number of transactions of KK enterprise are described below in terms of the accounts debited and credited: 1. Paid wages by cash 2. Paid cheque to MM Co. for goods bought. 3. Electricty bill paid amounting $120. 4. Bought equipment from Hitech Co. worth $2,000 and paid $1,000 cash. Remaining amount will be paid after one month. 5. Purchased goods from MM Co. worth $1,000 6. Goods taken for personal use $50 from business. Indicate the effects of each transaction upon the elements of the income statement and the balance sheet. Use the code letters I for increase, D for decrease, and NE for no effect. Use the format of tables given below for answering. The answer for transaction 1 is provided as an example. Income Statement Balance Sheet Assets = Liabilities+ Capital Transactions Revenue - Expenses = Net profit 1. NE I D D NE D

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