Started business with capital $1,00,000 2. Bought furniture $25,000 3. Bought goods for cash$ 20,000 4. Bought goods from Ali on Credit $5,000 5. Sold goods for cash for $15,000 6. Sold goods to Abdullah on credit $8,000 7. Paid cash to Ali$ 4,000 8. Received cash from Abdullah $5,000 9. Paid Cash into Bank$ 25,000 10. Withdrawn from bank $10,000 Instructions: For each transaction, show the proper effect on the accounting equation
Started business with capital $1,00,000 2. Bought furniture $25,000 3. Bought goods for cash$ 20,000 4. Bought goods from Ali on Credit $5,000 5. Sold goods for cash for $15,000 6. Sold goods to Abdullah on credit $8,000 7. Paid cash to Ali$ 4,000 8. Received cash from Abdullah $5,000 9. Paid Cash into Bank$ 25,000 10. Withdrawn from bank $10,000 Instructions: For each transaction, show the proper effect on the accounting equation
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
. Started business with capital $1,00,000
2. Bought furniture $25,000
3. Bought goods for cash$ 20,000
4. Bought goods from Ali on Credit $5,000
5. Sold goods for cash for $15,000
6. Sold goods to Abdullah on credit $8,000
7. Paid cash to Ali$ 4,000
8. Received cash from Abdullah $5,000
9. Paid Cash into Bank$ 25,000
10. Withdrawn from bank $10,000
Instructions:
For each transaction, show the proper effect on the
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education