Using the Transaction Analysis table provided, analyze the effect of the transactions listed below on the extended Accounting Equation Anoud started a Consulting service business on January 2021. A summary of January transactions is given below. a. Anoud invested AED 70,000 cash to start the business. b Office equipment of AED 8,500 purchased was on credit. c The company purchased of office supplies for cash AED 9,000. d The company paid AED 3,500 cash for rent of office space for the month. e. The company made a partial payment of AED 4,000 cash on the equipment purchased in transaction C. f. Anoud withdrew AED 2,500 cash from the company for personal use. g The company provided service for a client and immediately collected cash AED 12,000. h The company paid AED 4,000 cash for the office secretary's salaries.

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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