QUESTION ONE The following transactions during January 2018 relate to County Traders: Date January Details 01...

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QUESTION ONE The following transactions during January 2018 relate to County Traders: Date January Details 01 Paid for rental of equipment. 04 Purchased a vehicle on credit from Sevenoaks. 06 Received partial payment from debtor, Kent. 08 The owner pays with a business cheque for personal expenses. Withdraws money for personal use. 10 Paid creditors. 12 Rendered services on credit to Surrey. 15 Issued a credit note to Surrey for unsatisfactory services. 20 Cashed cheque 111 for: Telephone Wages for the month No. e.g. Required: Show the effect of the above transactions of County Traders on the accounting equation. Use "+" to denote an increase, "-" to denote a decrease and "0" to denote no change to the elements of the equation. Present the above transactions in the following format: Acc debit Bank Acc credit Sales Assets +200 Amount (R) 500 24 000 2 000 1 200 800 12 000 4.000 200 = Equity +200 150 900 + Liabilities 0 [25] QUESTION ONE The following transactions during January 2018 relate to County Traders: Date January Details 01 Paid for rental of equipment. 04 Purchased a vehicle on credit from Sevenoaks. 06 Received partial payment from debtor, Kent. 08 The owner pays with a business cheque for personal expenses. Withdraws money for personal use. 10 Paid creditors. 12 Rendered services on credit to Surrey. 15 Issued a credit note to Surrey for unsatisfactory services. 20 Cashed cheque 111 for: Telephone Wages for the month No. e.g. Required: Show the effect of the above transactions of County Traders on the accounting equation. Use "+" to denote an increase, "-" to denote a decrease and "0" to denote no change to the elements of the equation. Present the above transactions in the following format: Acc debit Bank Acc credit Sales Assets +200 Amount (R) 500 24 000 2 000 1 200 800 12 000 4.000 200 = Equity +200 150 900 + Liabilities 0 [25]

Answer rating: 100% (QA)

No Acc Debit Acc Credit Assets Equity Liabilities 1 Rent for equipment Cash 500 50... View the full answer