Global Entity is a retailer situated in Windhoek that sells various products. For the month of March 2022, the water and electricity account due to the local municipality was recorded to amount to N$8 000. Included in the N$8 000 was Mr G, the owner’s personal water and electricity of N$2 000. Show the effect of the transaction on the Accounting Equation. Use the equation: A= OE + L a. Asset; -6 000 = Equity; -6 000 + Liability; nil b. Asset; -6 000 = Equity; -8 000 + Liability; +2 000 c. Asset; nil = Equity; -6 000 + Liability; +6 000 Asset; -2 000 = Equity; -2 000 + Liability; nil d. Asset; nil = Equity; -6 000 + Liability; +6 000 e. Asset; nil = Equity; -8 000 + Liability; +8 000

Global Entity is a retailer situated in Windhoek that sells various products. For the month of March 2022, the water and electricity account due to the local municipality was recorded to amount to N$8 000. Included in the N$8 000 was Mr G, the owner’s personal water and electricity of N$2 000. Show the effect of the transaction on the Accounting Equation. Use the equation: A= OE + L a. Asset; -6 000 = Equity; -6 000 + Liability; nil b. Asset; -6 000 = Equity; -8 000 + Liability; +2 000 c. Asset; nil = Equity; -6 000 + Liability; +6 000 Asset; -2 000 = Equity; -2 000 + Liability; nil d. Asset; nil = Equity; -6 000 + Liability; +6 000 e. Asset; nil = Equity; -8 000 + Liability; +8 000

Name: Global Entity is a retailer situated in Windhoek that sells various pr
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Description: Global Entity is a retailer situated in Windhoek that sells various products. For the month of March 2022, the water and electricity account due to the local municipality was recorded to amount to N$8 000. Included in the N$8 000 was Mr G, the owner’

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter3: The Basics Of Record Keeping And Financial Statement Preparation: Income Statement

Section: Chapter Questions

Problem 20P

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