Question & Answer: Answer part (a). Thank You……

Answer part (a). Thank You.

Question & Answer: Answer part (a). Thank You...... 1

Don't use plagiarized sources. Get Your Custom Essay on
Question & Answer: Answer part (a). Thank You……
GET AN ESSAY WRITTEN FOR YOU FROM AS LOW AS $13/PAGE
Order Essay

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

Still stressed from student homework?
Get quality assistance from academic writers!