(iii)(iv)elementSelect THREE (3) transactions that Kate Minimart performs andillustrate their effect on the accounting equation.Select ONE (1) financial statement to prepare at period end.Describe the following:-the purpose of preparing the statementthe key componentsONE (1) user and how he can use its informationprovide a brief format of the selected financial statement (with nonumbers). You are to refer to Kate Minimart operation below:Kate operates a minimart store located in a private estate. She invested$20,000 of her own funds and took an additional $10,000 bank loan to payfor the renovation and store fittings totaled $22,000, balance funds to usefor operation needs.Kate paid a monthly rent of $5,000 for the store. The minimart sells avariety of goods estimated a total worth of $10,000. All sales are on cashbasis amounting to about $12,000 to $14,000 each month. Kate is at a losshow to prepare the accounts for her business.

Transactions that Kate Minimart performs: (1) Kate invested $20,000 of her own funds in business…

(iii) (iv) - - Select THREE (3) transactions that Kate Minimart performs and illustrate their effect on the accounting equation. Select ONE (1) financial statement to prepare at period end. Describe the following: -the purpose of preparing the statement the key components ONE (1) user and how he can use its information provide a brief format of the selected financial statement (with no numbers).

(iii) (iv) - - Select THREE (3) transactions that Kate Minimart performs and illustrate their effect on the accounting equation. Select ONE (1) financial statement to prepare at period end. Describe the following: -the purpose of preparing the statement the key components ONE (1) user and how he can use its information provide a brief format of the selected financial statement (with no numbers).

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 40MC: Which of the following accounting records is the main source of information used to prepare the...

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Which of the following accounting records is the main source of information used to prepare the financial statements? A. journal entries B. T-accounts C. trial balance D. chart of accounts
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