Section 2: Fill in the blanks Identify the debit and credit items from the following list: 1. Identify the modes of business ownership and the type of business Dr/ Assets/ Liabilities/ activities of each of these organisations; Item Cr Equity/ Revenue/ Expenses Business name Mode of business Type of Rental paid ownership business activity Motor vehicles Sam Air-Con Service Premises Klinik Dr. Zain dan Rakan Office equipment Min & Lin Cakehouse - - - . . .- Salaries paid Prudential Assurance Berhad Sales Food Distributor Sdn Bhd Commission received Eng Soon Mini Market Capital Top Glove Berhad - - -- Payables Price WaterhouseCoopers Receivables Bank 2. Cash - - - - -- Inventories Purchases Carriage inwards - . . . . . .. Carriage outwards Profit Loss Insurance paid - - - . . . . . .!- -- - - Commission paid Discount received DrawingsABFA1173 Principles of Accounting 7 Show the double entry effect of each transaction below: Double entry effect of transaction: Assets/ Liabilities/ Equity/ Increase / Amount Title of ledger Revenue/ Expenses Decrease (RM) account DI Owner brought in his own savings of RM50,000 for business use Dr Bought a motor vehicle by cheque RM28,000 Cr DI Acquired inventories of RM34,000 on credit Cr Dr Obtained a bank loan from CIMB Bank for RM88,000 Cr Dr Cr Purchased an equipment costing RM15,000, paying a deposit of KM/SU by cash, with the remainder to be settled within 2 months Cr Dr Owner withdrew cash totalling RM2,300 for his own expenses Cr Dr Sales to a customer who paid by cheque RM5,000 Cr Dr Sales to another customer RM6,000 on credit 30 days Cr Dr Paid staff salaries by cheque RM2,800 Cr Collected a cheque RM6,000 from customer above, to whom Cr inventories were sold on credit term Dr Issued a cheque of RM6,000 to the supplier of equipment bought Cr above