Search in Document T AaBbCcDdEt AaBbCcodec AaBbCcDd AaBbccddee AaBbc Normal No Spacing Heading 1 Abbcode Heading 2 Afbcdee Title Subtitle Suite Emph Question 1 (40 points, 10 each) Presented below is selected information related to Al Mulla Company at October 31, 2020. Equipment 80,000 Utilities Expense 12,000 Cash 28,000 Salaries and Wages Expense 94,000 Accounts Receivable 54,000 Accounts Payable 32,000 Service Revenue 216,000 Share Capital-ordinary 56,000 Rent Expense 26,000 Dividends 60,000 Notes Payable 20,000 Calculate the following showing your calculations: Calculation Final answer Total assets Total liabilities Total equity Retained earnings Question 2 (20 points) State the accounting equation and define its components. gs Review View NP AaBbCcDdEE AaBbCcDdEt AaBbCcDo lili Normal No Spacing Heading 1 Question 3 (40 points, 5 each) Analyze the following transactions for the month of June in terms of their effect on the basic accounting equation. Record each transaction by increasing (+) or decreasing (-) the dollar amount of each item affected. (1) Issued ordinary shares in exchange for $40,000 cash on June 1. (2) Purchased equipment for $10,000 paying $6,000 in cash and the remainder due in 30 days. (3) Purchased supplies for $2,400 cash. (4) Purchased advertising from News for $600 on account (5) Cash receipts from customers for services amounted to $3,000. (6) Paid salaries of $400 to student workers. (7) Paid $600 to College News for advertising that was previously billed in Transaction 4 (8) Paid dividends of $700. Assets Liabilities + Equity Retained earnings Share- capital Share- capital Cash Revenue- Accounts Supplies Equipment receivable Dividend Accounts payable Expenses - 1 2 3 4 6 2 18 Ending Balance Totals