Question: Please Write it Properly and appropriate. Show with tables, type or write. Please write it for everyone's understanding. Answer All questions and show solutions 1-
1- Joe Malek established a tuition center on 1 February and completed the following transactions during February: February 1 Opened a business bank account with RM10,000 cash. 3 Bought office equipment for RM3,000 in cash. 5 Purchased supplies on credit, RM1,850. 10 Received cash from tuition fees earned, RM14,500. 14 Paid utilities expenses for the month, RM1,560 15 Paid miscellaneous expenses for the month, RM500. 18 Paid teachers and office salaries, RM8,000. 24 The cost of supplies used was RM1,300. 27 Billed students for fees earned, RM6,700. 28 Withdrew cash for personal use, RM1,500. Required: i. Indicate the effect of each transaction and the balance after each transaction, using the following tabular format: Assets=Liabilities+Ownersequity By appropriate notation at the right of each charge, indicate the nature of each increase and decrease in owner's equity, i.e. revenue, expenses, or drawings. ii. Indicate the amount by which liabilities and total assets increased or decreased. iii. Prepare the income statement and the statement of changes in equity for the month ended 28 February and the statement of financial position as at 28 February
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