Question

prepare the accounting equation from the following transaction
1) business started with cash 100,000
2) purchased goods for credit 10,000
3) purchased goods on credit 5,000
4)sold goods for cash 3,000
5)sold goods on credit. 1,000
6)rent paid 4,000
7) discount received 1,000​

Answer 1

Answer:

Assets =liabilities +capital

Explanation:

Cash +stock +debtors =creditors +capital

10,000+0+0=0+10,000

10,000+10,000+0=10,000+10,000

10,000+15,000+0=15,000+10,000

13,000+12,000+0=15,000+10,000

13,000+11,000+1,000=15,000+10,000

9,000+11,000+1,000=15,000+6,000

10,000+11,000+1,000=15,000+7,000