Assignment Enter the following transactions in the books of Madam Comfort for the month ended 30
April 2011
April
started business by paying $50,000 into Bank
April 4
purchased goods by cheque $10,000
April
bought furniture by cheque $15.000
April
sold goods for cash $12.000
April
purchase goods on credit from Bronze $30.000
April 15
paid rate by cheque $2.000
April 12
received commission by cash $8000
April 18
sold goods on credit to K. Badu - $25,000
April 19
Withdrew cash for personal use $5,000
April 20
received cash from K. Badu $20.000​

A. economic resources to be used or turned into cash within one year. b. reports assets, liabilities, and stockholders' equity. c. decrease assets; increase liabilities and stockholders' equity. d. increase assets; decrease liabilities and stockholders' equity. e. an exchange or event that has a direct and measurable financial effect. f. accounts for a business separate from its owners. g. the principle that assets should be recorded at their original cost to the company. h. a standardized format used to accumulate data about each item reported on financial statements. i. the basic accounting equation. j. the two equalities in accounting that aid in providing accuracy. k. the account credited when money is borrowed from a bank using a promissory note. l. cumulative earnings of a company that have not yet been distributed to the owners. m. every transaction has at least two effects. n. amounts presently owed by the business. transaction, separate entity assumption, balance sheet, liabilities, assets, current assets, notes payable, duality of effects, retained earnings, debit.