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QUESTION 2 Chan runs an electrical appliances shop. Following are the list of accounting for the Chan Enterprise for the month of May 2019. May Transactions 1 Started a business with RM8,000 cash 3 Paid RM800 cash for rental for the month 5 Purchase goods RM500 by cheque 6 Received commission RM1,000 by cheque 8 Owner withdraw RM700 cash for personal purpose 9 Purchase computer for business purpose by cash amounting to RM450 10 Bought goods RM550 on credit from ABC Enterprise 11 Returned defect goods to ABC Enterprise amounting RM100 12 Owner took goods RM150 for personal purpose 13 Sold goods to XYZ Trading on credit RM600 Required: a) Show the effects (increase/decrease) of the above transactions on the accounting equation. b) State the accounts to be debited and the accounts to be credited for the above transactions. c) Record the above transactions in the relevant accounts and balance off the accounts. d) Prepare a trial balance as at 31 May 2019