iv. Historical costb. Give an example for each of the following types of transactions for the accounting equation:i. Increase in one asset, decrease in another asset.ii. Increase in an asset, increase in liability.iii. Increase in an asset, increase in owner's equity capital.iv. Decrease in an asset, decrease in liability.v. Decrease in an asset, decrease in owner's capital.c. Give examples of financial transactions relevant to Ms. Amanda's business:i. Ms. Amanda's investment of money in the business on 1st March. (1 transaction)ii. Performance of services for cash and credit (2 transactions)iii. Payment of expenses (1 transaction)iv. Purchase of assets for cash and credit (2 transactions)v. Collection of cash from debtor's accounts (1 transaction)vi. Payment of cash to creditor's account (1 transaction)d. From the financial transactions in c, prepare the pro-forma templates for the following:i. Journal entriesii. Ledger accountsiii. Trial balance

Name: iv. Historical costb. Give an example for each of the following types
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Description: iv. Historical costb. Give an example for each of the following types of transactions for the accounting equation:i. Increase in one asset, decrease in another asset.ii. Increase in an asset, increase in liability.iii. Increase in an asset, increase

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Business

Accounting

b. Give an example for each of the following types of transactions for the accounting equation: i. Increase in one asset, decrease in another asset. ii. Increase in an asset, increase in liability. iii. Increase in an asset, increase in owner's equity capital. iv. Decrease in an asset, decrease in liability. v. Decrease in an asset, decrease in owner's capital.

b. Give an example for each of the following types of transactions for the accounting equation: i. Increase in one asset, decrease in another asset. ii. Increase in an asset, increase in liability. iii. Increase in an asset, increase in owner's equity capital. iv. Decrease in an asset, decrease in liability. v. Decrease in an asset, decrease in owner's capital.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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