Business, 25.05.2021 18:20 lol1516

Ron Knuckle set up a business selling keep fit equipment, trading under the name of Buy Your Biceps Shop. He put $7.000 of his own money into a business bank account (transaction A) and in his first period of trading, the following transactions occurred. Transactions: B: Paid rent of shop for the period: $3.500.

C: Purchased equipment (inventories) on credit: $5.000.

D: Raised loan from bank: $1.000.

E: Purchase of shop fittings (for cash): $2.000.

F: Sales of equipment cash: $10.000.

G: Sales of equipment, on credit: $2.500.

H: Payments for trade accounts payable: $5.000.

I: Payments from trade accounts receivable: $2.500.

J: Interest on loan (paid): $100.

K: Other expenses (all paid in cash):$1.900.

L: Drawings: $ 1.500.

Required: Identify the debit and the credit entries in the above transactions.
IF YOU CAN SHOW ME THE WAY PLEASE

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Ron Knuckle set up a business selling keep fit equipment, trading under the name of Buy Your Biceps...

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