Subject: principle of accounting Question No 2 Assume that you are going to start a Business after graduation. Describe 10 transactions that the business might undertake by using your own idea with the following assumptions: Started business with cash Goods purchase for cash Goods purchased on credit Any asset purchased and paid cash  Any asset purchase on credit Sold goods for cash Sold goods on credit Paid any bill Paid salary to staffCash withdraw from business for personal useCash withdraw from business for personal use Based on your own 10 transactions, prepare:1: Accounting Equation2. Trail Balance 3. Financial statement

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Description: Subject: principle of accounting Question No 2 Assume that you are going to start a Business after graduation. Describe 10 transactions that the business might undertake by using your own idea with the following assumptions: Started business with ca

1. Accounting Equation - Accounting Equation is calculated using following equation - Assets =…

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College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter24: Analysis Of Financial Statements

Section: Chapter Questions

Problem 1CP: This problem challenges you to apply your cumulative accounting knowledge to move a step beyond the...

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Subject: principle of accounting

Question No 2 Assume that you are going to start a Business after graduation. Describe 10 transactions that the business might undertake by using your own idea with the following assumptions:

Started business with cash
Goods purchase for cash
Goods purchased on credit
Any asset purchased and paid cash 
Any asset purchase on credit
Sold goods for cash
Sold goods on credit
Paid any bill
Paid salary to staff
Cash withdraw from business for personal use

Cash withdraw from business for personal use Based on your own 10 transactions, prepare:

1: Accounting Equation

2. Trail Balance

3. Financial statement

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