Prepare an Income Statement and Balance Sheet Question 1 RM RM Account Payable 9,000 General Expenses 1,000 Account Receivable 14,000 Bank Loan 11,000 Capital 32,000 Rent Expenses 5,000 Cash 20,000 Salaries Expenses 8,000 Marketable Securities 4,000 Prepaid Expenses Suppliers Expenses 6,000 Equipment 18,000 2,000 Fees Income 26,000

Prepare an Income Statement and Balance Sheet Question 1 RM RM Account Payable 9,000 General Expenses 1,000 Account Receivable 14,000 Bank Loan 11,000 Capital 32,000 Rent Expenses 5,000 Cash 20,000 Salaries Expenses 8,000 Marketable Securities 4,000 Prepaid Expenses Suppliers Expenses 6,000 Equipment 18,000 2,000 Fees Income 26,000

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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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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