Show how the transactions will affect accounting equation

Assignment Help Accounting Basics

Reference no: EM132671287

Jaquer Traders incurred the following transactions in January 2020. The business uses the perpetual inventory method and all goods are subject to a mark up of 40% on cost.

Day Transaction
3       Purchased inventory on credit for R5 000
9       Cash sale of trading inventory, sales price R11 200
15      Paid R500 from the petty cash toward repairs and maintenance.
22      Paid R3 000 to the creditor as partial settlement of the goods purchased on the 3rd.
25        Purchased equipment of R4 000 and paid via EFT.

Required:

Problem 1: Show how the transactions will affect the accounting equation and enter how the accounts in the general ledger will be affected.

Reference no: EM132671287

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