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Old May 19th, 2013, 05:21 AM
szacpp szacpp is offline
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Accounting Equation and Transaction Analysis

I'm new in accounting. Can anyone help me what are the accounting equations and transaction analysis for the below statements?

Accounting Equation
1) Withdraw cash from bank for business use $200
2) Proprietor withdraw cash $400 from safe and $600 from bank account of the business.
3) Paid salary to office staff $2000 received subletting revenue $100 from abc

Transactions Analysis
1) Proprietor transferred from his personal bank balance to the firm's bank account $6000
2) Proprietor withdrew $500 by cheque for private use.
3) Purchased office equipment $2600 from ABC Stores paying him $600 in cash and promise to pay the balance in easy installments of $500.
4) Purchased office equipment of $5000 and paid him cash $1000 and Note for $4000.
5) Received cash and a cheque from ABC $1175, $3000 in full settlement of his account (cheque deposited into bank).
6) Deposited cheque of dated 23 $125.
7) Cash sales $5600 including cheques $3400 which deposited into bank.
8) Paid to ABC a cheque of $3500 and in cash $715 in full settlement of his account.

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