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Show the effect of the following transactions on assets, labinties and capital using the
Accounting Equation. Also prepare a Balance Sheet:
Started business with cash * 60.000.
(0) Rent received 2,000.
(1) Accrued interest 500
(9) Commission received in advance * 1,000.
(1) Amount withdrawn 5.000.
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Answer:
1. cash to capital. 60000
2. cash to rent received 2000
3. accured intrest to cash 500
4. cash to commission received in advance 1000
5. drawing to cash 5000
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