Equation Accounting Assingment Help With Solution

Show the effect of the following transactions on the accounting equation using the following headings:

Bank	Accounts Receivable	Vehicles	Equipment
Expenses	Drawings	Accounts Payable	Loan
Capital	Fees

May1	Willy Whizz commenced business as a builder. He opened a bank account for the business with his cash	26,000
2	Paid one month’s rent for the workshop	250
3	Purchased a truck from Used Trucks Ltd	8,000
4	Paid Used Trucks Ltd on account	4,000
5	Obtained a loan for the business from T Drage	10,000
7	Paid Used Trucks Ltd the balance owing	4,000
8	Purchased equipment on credit from Mountain Equipment Supplies Ltd	1,500
9	Paid rates on private residence	600
10	Paid Tokaanu garage for petrol	50
11	Purchased hardware (expenses) from Tongariro Hardware on credit	350
12	Invoiced T Roberts paid account in full	6,500
17	T Roberts paid account in full
19	Paid Ruaoehu Press for advertising	150
30	Will draw a cheque for living expenses	350

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Income Statement, Balance Sheet And Statement Of Changes In Equity


	$
Accounts Payable	16,000
Accounts Receivable	30,000
Advertising	6,000
Bank	40,000
Land & Buildings	50,000
Capital (1/4/20X4)	98,000
Cost of Sales	60,000
Drawings	10,000
Computer Equipment	20,000
Inventories	30,000
Sales	180,000
Telephone and Power	8,000
Wages and Salaries	40,000

The following has not yet been recorded

The owner contributed a computer printer worth $800
The owner took $5,000 cash to pay for a holiday
The owner took goods worth $600 for personal use.
The Advertising includes $50 paid for an advertisement for the sale of the owner’s private
Land & Buildings has been revalued at $150,000

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