Reference no: EM132619272

Question - Dr Andile is a physician who decided to open his own practice operating under the name Dr Andile Inc. The following transactions took place during June 2020, his first month of business:

Date 2 Transaction Dr Andile invested R80 000 into a bank account he opened in the name of the business.

Date 4 Transaction He bought medical and office equipment worth R120 000 on credit. A deposit of R15 000 was paid and the balance will be paid in equal installments.

Date 7 Transaction Acquired a loan of R40 000 from ABC Bank. Interest is charged at 20% annually.

Date 11 Transaction Dr Andile contributed a vehicle valued at R25 000 to the business.

Date 14 Transaction Cash service fees of R15 500 was received from patients for the week.

Date 18 Transaction Paid R3 000 by cheque for the monthly rent.

Date 20 Transaction Dr Andile made claims to the value of R18 300 from patients' medical aids for services rendered. The money will be paid in the following month.

Date 25 Transaction Paid Telkom R1 290 for the telephone account and internet connection.

Date 28 Transaction An amount of R20 000 was paid to reduce the balance on equipment. (See the transaction on the 4th)

Required - Complete the table, to record the transactions of Dr Andile Inc for June 2020 in the accounting equation and clearly indicate which account will be Debited and Credited.