Show the effect of each transaction on the accounting equation: Assets = Liabilities + Equity. Transactions are: a) Started business with N25,000 in cash. b) Bought office fixtures for N5,900 in cash.

Here's how each transaction impacts the accounting equation (Assets = Liabilities + Equity):

• a) Started business with N25,000 in cash.

  • Impact: Assets (Cash) increase by N25,000 and Equity (Capital) increases by N25,000.
  • Equation: Assets $\uparrow$ = Liabilities + Equity $\uparrow$

• b) Bought office fixtures for N5,900 in cash.

  • Impact: Assets (Office Fixtures) increase by N5,900 and Assets (Cash) decrease by N5,900. Total assets remain unchanged.
  • Equation: Assets $\uparrow$ Assets $\downarrow$ = Liabilities + Equity

• c) Paid N15,000 cash into the bank.

  • Impact: Assets (Bank) increase by N15,000 and Assets (Cash) decrease by N15,000. Total assets remain unchanged.
  • Equation: Assets $\uparrow$ Assets $\downarrow$ = Liabilities + Equity

• d) Paid N33,000 more into the business by cheque.

  • Impact: Assets (Bank) increase by N33,000 and Equity (Capital) increases by N33,000.
  • Equation: Assets $\uparrow$ = Liabilities + Equity $\uparrow$

• e) Bought computer printer for N25,000, paying by cheque.

  • Impact: Assets (Computer Printer) increase by N25,000 and Assets (Bank) decrease by N25,000. Total assets remain unchanged.
  • Equation: Assets $\uparrow$ Assets $\downarrow$ = Liabilities + Equity

• f) Bought more office fixtures for N10,000, paying by cheque.

  • Impact: Assets (Office Fixtures) increase by N10,000 and Assets (Bank) decrease by N10,000. Total assets remain unchanged.
  • Equation: Assets $\uparrow$ Assets $\downarrow$ = Liabilities + Equity

• g) Sold some of the office fixtures for N3,000, cash being received.

  • Impact: Assets (Cash) increase by N3,000 and Assets (Office Fixtures) decrease by N3,000. Total assets remain unchanged.
  • Equation: Assets $\uparrow$ Assets $\downarrow$ = Liabilities + Equity

• h) Paid N5,000 cash into the bank.

  • Impact: Assets (Bank) increase by N5,000 and Assets (Cash) decrease by N5,000. Total assets remain unchanged.
  • Equation: Assets $\uparrow$ Assets $\downarrow$ = Liabilities + Equity

• i) Bought a scanner for N10,500, paying by cheque.

  • Impact: Assets (Scanner) increase by N10,500 and Assets (Bank) decrease by N10,500. Total assets remain unchanged.
  • Equation: Assets $\uparrow$ Assets $\downarrow$ = Liabilities + Equity