Use the following transactions of Kit Enterprise to complete the accounting equation as shown in the table. Show totals in the end. (10 marks)Assets = Liabilities + EquityBank£Receivables£Furniture£Equipment£= Creditors£+ Capital, drawings, income, and expenses.£4,000 6,000 2,000 8,000 = 10,000 + 10,000= += += += += +July 2 The owner invests a further £6000 cash in the business.6 The owner further contributes additional equipment for £20,000 to the business.8 New furniture worth £1,000 is purchased on credit.14 A check for £2,500 is paid to a creditor.17 Cash sale of inventory, £400022 Cheque for £3,000 is received from a debtor.27 Cash sale of inventory, £6,00031 Made payments towards the following expenses P Salaries 1000Electricity 200 Sundry expenses 700
Use the following transactions of Kit Enterprise to complete the
shown in the table. Show totals in the end. (10 marks)
Assets = Liabilities + Equity
Bank
£
Receivables
£
Furniture
£
Equipment
£
= Creditors
£
+ Capital, drawings,
income, and
expenses.
£
4,000 6,000 2,000 8,000 = 10,000 + 10,000
= +
= +
= +
= +
= +
July 2 The owner invests a further £6000 cash in the business.
6 The owner further contributes additional equipment for £20,000 to the business.
8 New furniture worth £1,000 is purchased on credit.
14 A check for £2,500 is paid to a creditor.
17 Cash sale of inventory, £4000
22 Cheque for £3,000 is received from a debtor.
27 Cash sale of inventory, £6,000
31 Made payments towards the following expenses P
Salaries 1000
Electricity 200
Sundry expenses 700
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