Please I need help with this exercise, I'm struggling so hard!
Based on this table from week 1 (Table2 attached).
-During the second week of business, the following transactions, all through the business bank account as appropriate, took place:
i. On 8 October M paid by cheque a quarter of the money owing on her payables account.
ii. On 11 October M paid by cheque £600 for two weeks’ rent for her business premises.
iii. On 11 October M paid by cheque £250 for two weeks’ insurance.
iv. By the end of the day on the 14 October (i.e. after two weeks of trade), M had made sales for £4,000. Fifty per cent of the sales had been in cash and the rest on credit. M had sold all her inventory after these two weeks of trade.
Using the new template below, demonstrate how the transactions in the second week will affect the expanded accounting equation (Assets = Capital + (Income – Cost of Sales – Expenses) + Liabilities. Your answer should include a summary total for each of the Assets, Capital, and Liabilities at the beginning of the second week, i.e. from your answer to part (a), as well as at the end of the same week.
(Template attached as TableToFollow).
Thank you sooo much!
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