Question: Question: Peter started a business Parc Design on 1 January 2019. During the first month of operations, the business completed five transactions which resulted

Question: Peter started a business Parc Design on 1 January 2019. During the first month of operations, the business comple

Question: Peter started a business "Parc Design" on 1 January 2019. During the first month of operations, the business completed five transactions which resulted in the following: Note payable $50,000 $2,000 $10,000 $55,000 Supplies Service Revenue Cash Accounts receivable Accounts payable Utility expense $5,000 $2,200 $200 All the accounts have normal balances. | (a) Analyse the accounts and their balances and describe five (5) transactions that is most likely to result in those balances. (b) Journalise the transactions of Parc Design. (c) Prepare the statement of financial position of Parc Design at 31 January 2019.

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To address the questions lets break each part down a Analyze the accounts and describe five transactions 1 Note Payable 50000 Transaction Borrowed 500... View full answer

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