Reference no: EM132986336
D Lee commenced business on 1 September 2011 with Premises $50,000, Bank 20,000, Motor Vehicle $8,000 and Inventory $5,000.
You are required to process this transaction and the ones below in the accounting equation format.
Problem 1: Calculate the opening capital amount at the commencement of the business to balance the accounting equation. You should indicate next to each entry whether it is a debit or credit in the accounting equation.
2 Sept: Inventory was purchased for cash by D Lee for $2,500.
5 September: D Lee's bank gave a cash loan of $25,000.
10 Sept: Plant & Machinery for $12,000 was purchased on credit.
12 September: D. Lee purchased inventory on credit for $2,050.
15 A computer was purchased by D. Lee for cash $1,120
16 September: payment was made by D. Lee to the Accounts payable for $12,000.
17 September: D. Lee took out cash $2,000 from the business for personal use.
20 September: D Lee sold goods for cash $2000, the cost of goods sold was $1,400
25 September: D lee paid rent $500
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