Question: Answer ALL questions below. Question 1 a. Explain the accounting equation, and define its terms. (5 marks) b. Below are the transactions for Flex Consulting

Answer ALL questions below. Question 1 a. Explain the accounting equation,

Answer ALL questions below. Question 1 a. Explain the accounting equation, and define its terms. (5 marks) b. Below are the transactions for Flex Consulting in May 2021. Date May 1 May 8 May 14 May 18 May 22 Transactions Invested as capital RM99,000 in the business bank account and RM1,000 as petty cash. Rented office space and paid rental RM1,200 for the month of May by cheque. Purchase office equipment for RM30,000, paying RM8,000 by cheque and agreeing to pay the balance in one year. Purchased office supplies on account, RM1,500. Completed work for a client and immediately collected RM2,700 cash for the services. Completed RM3,600 services for a client on credit. Received cheque RM3,600 for the work completed on 26 May. Paid salaries RM3,600 by cheque. Withdrew RM3,000 cash for personal use. May 26 May 31 May 31 May 31 Required: Using the following format, prepare the accounting equation for the month of May 2021

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