DENNIS, A SOLE TRADER, REPAID A BANK LOAN OF $10,000 WITH A PERSONAL CHEQUE OF $4,000 AND THE BALANCE WITH A BUSINESS CHEQUE. WHAT IS THE EFFECT OF THE TRANSACTION ON THE ACCOUNTING EQUATION?
DENNIS, A SOLE TRADER, REPAID A BANK LOAN OF $10,000 WITH A PERSONAL CHEQUE OF $4,000 AND THE BALANCE WITH A BUSINESS CHEQUE. WHAT IS THE EFFECT OF THE TRANSACTION ON THE ACCOUNTING EQUATION?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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What is the effect of the transaction on the

Transcribed Image Text:DENNIS, A SOLE TRADER, REPAID A BANK LOAN OF
$10,000 WITH A PERSONAL CHEQUE OF $4,000 AND
THE BALANCE WITH A BUSINESS CHEQUE. WHAT IS THE
EFFECT OF THE TRANSACTION ON THE ACCOUNTING
EQUATION?
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