mtaceAssignmenttakeAssignmetMaindoinvoke Describe the transa

m/taceAssignment/takeAssignmetMain.do?invoke Describe the transactions that are recorded in the folloning equation Owner\'s Equity AccountsLae Lake cash + Receivable + Equipment- Parable + Capitul . Drawing + Revenue · Expenses (a) +40000 46.300 (b) -2,865 Rent Bal. 37,135 6.300 2,105 Ral. 37,135 2.1056,300 2.865 18,45015,1 Bal. 33.870 )-2,805 Bal. 31,065 2.105 -24.750 2 105 2.865 15.185+46.002,005 2.105

Solution

Answer to Part a.

Amount Invested by Lake in the Business with Cash of $40,000 and Equipment worth $6,300.

Answer to Part b.

Payment of Rent Expenses amounting $2,865.

Answer to Part c.

Service performed on account for $2,105.

Answer to Part d.

Purchase of Equipment amounting to $18,450 by paying $3,265 in cash and remaining amount of $15,185 payable at a later date.

Answer to Part e.

Amount of $2,805 Withdrawn for personal use by Lake.