[20] QUESTION ONE The following transactions during January 2020 relate to County Traders:...
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[20] QUESTION ONE The following transactions during January 2020 relate to County Traders: Amount (R) Date Details January 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 500 24 000 2 000 1 200 800 12 000 4 000 200 150 900 Required: Show the effect of the above transactions of R Red 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: + Liabilities No. e.g. Acc debit Bank Acc credit Sales Assets +200 = Equity +200 0
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