Reference no: EM132563649

Blessing Banda started a new business and completed these transactions during December.

Dec. 1 Blessing Banda transferred K56,000 cash from a personal savings account to a checking account in the name of Banda Investment.

Dec.2 The company rented office space and paid K800 cash for the December rent.

Dec. 3 The company purchased K14,000 of electrical equipment by paying K3,200 cash and agreeing to pay the K10,800 balance in 30 days.

Dec. 5 The company purchased office supplies by paying K900 cash.

Dec. 6 The company completed electrical work and immediately collected K1,000 cash for these services.

Dec. 8 The company purchased K3,800 of office equipment on credit.

Dec.15 The company completed electrical work on credit in the amount of K4,000.

Dec.18 The company purchased K500 of office supplies on credit.

Dec.20 The company paid K3,800 cash for the office equipment purchased on December 8.

Dec.24 The company billed a client K600 for electrical work completed; the balance is due in 30 days.

Dec.28 The company received K4,000 cash for the work completed on December 15.

Dec.29 The company paid the assistant's salary of K1,200 cash for this month.

Dec.30 The Company paid K440 cash for this month's utility bill.

Dec.31 Blessing Banda withdrew K700 cash from the company for personal use.

Required 1.

Question 1: Arrange the following asset, liability, and equity titles in an Account Equation Table : Cash; Accounts Receivable; Office Supplies; Office Equipment; Electrical Equipment; Accounts Payable; Blessing Banda Capital; Blessing Banda Withdrawals; Revenues; and Expenses.

Question 2: Use additions and subtractions to show the effects of each transaction on the accounts in the accounting equation. Show new balances after each transaction.