QUESTION 2 12 MARKS For each of the transactions identified, analyse how...
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Accounting
QUESTION 2 12 MARKS
For each of the transactions identified, analyse how the asset, liability and/or equity accounts increase, decrease or remain unchanged. (Hint: Remember the accounting equation.) You need to show the $amounts as well as indicate increase or decrease for each transaction.
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| Assets (A) | Liabilities (L) | Equity (E) |
| a. | Obtained a loan to purchase a Trailer for $25,000. |
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| b. | The owner took $15,000 of supplies for personal use. |
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| c. | An accounts receivable, who owes $7,000, made a part payment of $4,000. |
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| d. | Purchased stock for $18,000, paying $12,000 cash and the balance on credit. |
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| e. | Paid $6,000 in respect of accounts payable in cash. |
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| f. | Sold $10,000 of goods on credit. |
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