The following transactions occurred in the month of January 2021. Perform a nsaction analysis to find the effect of the transactions on the accounting equation. 1. Veti the owner invested $30,000 cash in the business 2. Purchased office equipment S10,000 from Store Depot Inc. on account 3. Owner withdrew $5,000 cash 4. Paid maintenance charges $2,000 cash 5. Purchased laptops $2,000 on cash 6. Paid cash $9,000 for transaction 2 7. Paid salary $8,000 cash 8. Performed legal consultancy services to the client $15,000 on account 9. Veti the owner invested equipment $6,000 in the business 10. Received cash S10,000 for transaction 8

The following transactions occurred in the month of January 2021. Perform a nsaction analysis to find the effect of the transactions on the accounting equation. 1. Veti the owner invested $30,000 cash in the business 2. Purchased office equipment S10,000 from Store Depot Inc. on account 3. Owner withdrew $5,000 cash 4. Paid maintenance charges $2,000 cash 5. Purchased laptops $2,000 on cash 6. Paid cash $9,000 for transaction 2 7. Paid salary $8,000 cash 8. Performed legal consultancy services to the client $15,000 on account 9. Veti the owner invested equipment $6,000 in the business 10. Received cash S10,000 for transaction 8

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Description: The following transactions occurred in the month of January 2021. Perform aansaction analysis to find the effect of the transactions on the accounting equation.1. Veti the owner invested $30,000 cash in the business2. Purchased office equipment S10,

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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Concept explainers

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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Question

The following transactions occurred in the month of January 2021. Perform a
ansaction analysis to find the effect of the transactions on the accounting equation.
1. Veti the owner invested $30,000 cash in the business
2. Purchased office equipment S10,000 from Store Depot Inc. on account
3. Owner withdrew $5,000 cash
4. Paid maintenance charges $2,000 cash
5. Purchased laptops $2,000 on cash
6. Paid cash $9,000 for transaction 2
7. Paid salary $8,000 cash
8. Performed legal consultancy services to the client $15,000 on account
9. Veti the owner invested equipment S6,000 in the business
10. Received cash $10,000 for transaction 8

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