Reference no: EM132937760
Question -
1. Mr. X started a grocery store. He invested 200,000 as initial investment.
2. He registered his business, paying 1,500 for registration fee.
3. He paid 20,000 for store rent applicable for one year.
4. He incurred and paid 25,000 for the repair of the grocery store.
5. He purchased merchandise for sale amounting to 300,000, paying 200,000 with the balance to be paid after 60 days.
6. He paid 2,000 for the transportation of the merchandise purchased.
7. He hired a saleslady for a contract of 5,000 per month salary.
8. He sold 100,000 worth of merchandise for 160,000 for cash.
9. He sold 20,000 worth of merchandise for 35,000 on credit.
10. He paid business taxes amounting to 5,000 during the month.
11. He paid 3,000 electricity expense during the month.
12. He paid the salary of his saleslady.
13. He paid 50% of his obligation to his supplier.
Required -
1. Determine what accounting element is affected by the business transactions, including their amounts.
2. How much is the total assets, liabilities, and owner's equity at the end of the month?
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