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Answer part (a). Thank You.
Mak Cun Bhd. is owned by Madam Mekcun. The following transactions occurred in the first month of her honey business operation. a) Show the effects (Increase/Decrease) on assets, liability and equity to the accounting equation. b) Journalize all the above transactions are not required.
Expert Answer
| Assets | = | Liability | + | Equity | |||||||||||||
| Date | Cash | + | Accounts Receivable | + | Office Supplies | + | Computer | = | Accounts payable | + | Capital A/c. Madam Meckun | – | Drawings A/c | + | Revenues | – | Expenses |
| 1-May | 15000 | 15000 | |||||||||||||||
| 3-May | No entry required | ||||||||||||||||
| 6-May | -3500 | 3500 | |||||||||||||||
| 10-May | 700 | 700 | |||||||||||||||
| 14-May | 3000 | 3000 | |||||||||||||||
| 15-May | -350 | -350 | |||||||||||||||
| 19-May | -200 | 200 | |||||||||||||||
| 22-May | -50 | 50 | |||||||||||||||
| 27-May | 2000 | -2000 | |||||||||||||||
| 31-May | -1000 | 1000 | |||||||||||||||
| 15250 | -2000 | 350 | 3500 | 350 | 15000 | 50 | 3000 | 1200 | |||||||||
| Accounting equation: | |||||||||||||||||
| Assets = 15250-2000+350+3500 = 17100 | |||||||||||||||||
| Liability + Equity = 350+15000-50+3000 -1200 = 17100 | |||||||||||||||||
