Problem
John Marks owns JM Tennis Academy which commenced business on the 1s January 2023. During the first month of operations the following business transactions took place.
January 1 John contributed $15,000 cash to commence the business.
3 Purchased computer equipment for $3,500 cash from ComputerLand Ltd.
11 Purchased office supplies for $550 on credit from Omega Officeworks.
18 John provided a quote for $4,500 to the local primary school to provide tennis coaching to the school's students every Thursday afternoon for 3 months.
28 John withdrew $1,000 cash from the business to pay for his daughter's wedding.
30 Paid Omega Offceworks for office supplies purchased on January 11 above.
Task
I. State the impact of each transaction on the basic accounting equation.
II. Determine the specific account debited and credited for each transaction.