Accounting Equation [Extra problem)1-Samer started his business on January 1, with 25,000$ from his personal Funds.2-Samer also invested additional property in the form of some Machinery, which he hadpreviously used in a different business. The machinery was valued at 35,000$3-Purchased additional Machinery and other equipment for which 12,000$ in cash is paid.4-The Firm purchased goods for 10,000$ from various suppliers, agreeing to pay in the nearfuture.5-During a month creditors are paid 7,000$6-Samer Sold goods costing 5,000$ for 6,5005.7-Samer paid Following business Expenses during the month: Salaries and wages 10005,Rent 5005, Electricity and Telephone bills 3005, Miscellaneous 20058-The Firm was engaged in some repair work for which the customers were billed for 5,0005be paid at later date9-During the month Samer, the proprietor, withdraws 1,0005 cash for his personal use.10-Machinery was depreciated by 500$.

1. In 6th transaction, it is assumed goods are sold for cash . 2. In 7th transaction,…

Answered: Accounting Equation [Extra problem)

Business

Accounting

Accounting Equation [Extra problem)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 19EB: A business has the following transactions: A. The business is started by receiving cash from an...

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