Question 1Below were transactions for the month of March 2021 for Aisyah, a sole trader:Date Business TransactionsStarted a business with RM20,000.Bought goods worth RM1,000 on credit from Nasir.Paid rent RM200 cash.123Transferred RM12,000 of the business cash into the bankaccount.Sold goods to Nurul RM600.Bought stationery by cheque RM50.Cash sales RM100.Returned goods worth RM150 to Nasir.Received commission RM100 by cash.47812Required: Using the example provided below:a) Identify the effects (increase/decrease) of the above transactions on assets, liabilities, owner'sequity, revenues and expenses.b) Identify the double entry to record the transactions above.Example:1 July 2021 Fuzi brought in RM100,000 cash and deposit the money into the business bankaccount.2021July 1EffectsAccount to be debitedAccount to be creditedIncrease assetsBankIncrease owner equityCapital

Name: Question 1Below were transactions for the month of March 2021 for Ais
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Description: Question 1Below were transactions for the month of March 2021 for Aisyah, a sole trader:Date Business TransactionsStarted a business with RM20,000.Bought goods worth RM1,000 on credit from Nasir.Paid rent RM200 cash.123Transferred RM12,000 of the bu

Every Journal Entry passed in the books of accounts has two aspects which are called debit and…

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Date Business Transactions Started a business with RM20,000. Bought goods worth RM1,000 on credit from Nasir. 3 2 Paid rent RM200 cash. Transferred RM12,000 of the business cash into the bank 4 account. Sold goods to Nurul RM600. Bought stationery by cheque RM50. 7 6 Cash sales RM100. 8 Returned goods worth RM150 to Nasir. Received commission RM100 by cash. 12 1: Using the example provided below: ffe trenegotione en ogeete liebilitien

Date Business Transactions Started a business with RM20,000. Bought goods worth RM1,000 on credit from Nasir. 3 2 Paid rent RM200 cash. Transferred RM12,000 of the business cash into the bank 4 account. Sold goods to Nurul RM600. Bought stationery by cheque RM50. 7 6 Cash sales RM100. 8 Returned goods worth RM150 to Nasir. Received commission RM100 by cash. 12 1: Using the example provided below: ffe trenegotione en ogeete liebilitien

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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