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
Chapter1: Financial Statements And Business Decisions
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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
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
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