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With referring to the basic accounting equation: Assets = Liabilities + Owner’s Equity, determine the effect...

With referring to the basic accounting equation: Assets = Liabilities + Owner’s Equity, determine the effect of the following transactions to the equation.

Oct 1

Commenced business with cash RM200,000, land RM50,000, and equipment RM35,000.

        5

Purchased furniture of RM5,000 on account.

         7

Purchased supplies for a month, RM500, cash.

10

Provided services to Hakimi RM1,700, on account.

11

Received cash, RM500, from services performed to Saadiah.

        17

Received cash from Hakimi.

        20

Paid creditor in full for furniture purchased on October 5.

        23

Recorded cash collected from services revenue during October, RM8,500.

        27

Withdrew cash for personal use, RM500.

        29

Paid salaries, RM1,000 and electricity bill, RM1,500.
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