QUESTION 2 Please indicate the effect/impact of each transaction on the relevant accounts. Please follow the example shown. EXAMPLE: (1) Owner invested £20,000 cash in the business ANSWER: (1) Cash increased by £20,000. Owner capital increased by £20,000. Transaction: (1) Purchased £1,000 of supplies on credit. (2) Purchased £15,000 equipment for £5,000 cash and £10,000 note. (3) Received £25,000 cash for consulting service performed last month. (4) At 31 December, the company paid £13,000 cash for the December's rent. (5) Received £14,000 cash for £10,000 consulting service and £4.000 rental. For the toolbar, press ALT+F10 (PC) or ALT=FN+F10 (Mac).

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