Thewholeoffinancialaccountingisbasedupontheverysimpleideathat,resourcessuppliedby theownerofthebusinessplusliabilitiesthatmustbesettledatafuturedatemustbeequaltothe resourcesinthebusiness.Itfollowsthatthecapitalplusliabilitiesoftheentitymustbeequalto assetsoftheentityexpressedas:Capital+Liabilities=Assets(i.e.C+L=A). UsingMicrosoftexcel,demonstratetheeffectsofthefollowingtransactionsontheaccounting equation,andpreparetheresultantbalancesheetasat31stJuly,2020, ¢ 1Julystartedbusinesswithcash 30,000 2Salesoncash 50,000 4Stockofmaterialspaidbycash 10,000 5Paidcashintobank 20,000 7Withdrewcashforofficeuse 10,000 8Loanreceivedbycash 20,000 10Salesofgoodsreceivedcheque 30,000 19Cashsales 80,000 21Debtorpaidusbycash 50,000 30Sales,receivedcheque 40,000