Fatimah extracted the following transaction for the month of May: 1Started the business with cash RM1,000 and bank account of RM19,000 as capital.3Bought computer RM3,600 from Syarikat Cerah Sdn. Bhd. on credit term.7Purchased goods RM6,000 from Daya & Co on credit term.9Received cheque RM2,600 from sales on cash term.12Issued a cheque RM3,000 for purchases of goods on cash term.16Issued a cheque RM5,700 to Daya & Co., as settlement of purchases above, after deducting a discount received of RM300.17Sales of goods RM4,000 to Era Enterprise on credit term.21Fatimah withdrew cash RM200 for family use.24Issued a cheque RM2,000 to Syarikat Cerah Sdn. Bhd. as partial settlement of amount owing.27Received cheque RM3,800 from Era Enterprise, as settlement of sales above, after deducting discount allowed of RM200.28Miscellaneous expense RM280 paid by cash. Required:Prepare the journal entries to show the double entries of all the transactions above using only General Journals.

Financial transactions are initially recorded in the form of journal entry.

Started the business with cash RM1,000 and bank account of RM19,000 as capital. 3 Bought computer RM3,600 from Syarikat Cerah Sdn. Bhd. on credit term. 7 Purchased goods RM6,000 from Daya & Co on credit term. 9 Received cheque RM2,600 from sales on cash term. 12 Issued a cheque RM3,000 for purchases of goods on cash term

Started the business with cash RM1,000 and bank account of RM19,000 as capital. 3 Bought computer RM3,600 from Syarikat Cerah Sdn. Bhd. on credit term. 7 Purchased goods RM6,000 from Daya & Co on credit term. 9 Received cheque RM2,600 from sales on cash term. 12 Issued a cheque RM3,000 for purchases of goods on cash term

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 16EA: Discuss how each of the following transactions for Watson, International, will affect assets,...

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Provide journal entries to record each of the following transactions. For each, identify whether the transaction represents a source of cash (S), a use of cash (U), or neither (N). A. Paid $22,000 cash on bonds payable. B. Collected $12,600 cash for a note receivable. C. Declared a dividend to shareholders for $16,000, to be paid in the future. D. Paid $26,500 to suppliers for purchases on account. E. Purchased treasury stock for $18,000 cash.
On January 24, 20Y8, Niche Consulting collected $5,700 it had hilled its clients for services rendered on December 31, 20Y7. How would you record the January 24 transaction, using the accrual basis? A. Increase Cash, $5,700; decrease Fees Earned, $5,700 B. Increase Accounts Receivable, $5,700; increase Fees Earned, $5,700 C. Increase Cash, $5,700; decrease Accounts Receivable, $5,700 D. Increase Cash, $5,700; increase Fees Earned, $5,700
Discuss how each of the following transactions for Watson, International, will affect assets, liabilities, and stockholders equity, and prove the companys accounts will still be in balance. A. An investor invests an additional $25,000 into a company receiving stock in exchange. B. Services are performed for customers for a total of $4,500. Sixty percent was paid in cash, and the remaining customers asked to be billed. C. An electric bill was received for $35. Payment is due in thirty days. D. Part-time workers earned $750 and were paid. E. The electric bill in C is paid.
To demonstrate the difference between cash account activity and accrual basis profits (net income), note the amount each transaction affects cash and the amount each transaction affects net income. A. paid balance due for accounts payable $6,900 B. charged clients for legal services provided $5,200 C. purchased supplies on account $1,750 D. collected legal service fees from clients for current month $3,700 E. issued stock in exchange for a note payable $10,000
1) KayLee commenced business on 1 May 2018 with a capital of RM5,000 of which RM1,000 was in cash and RM4,000 in a bank current account. Her transactions during May were as follows: 1 May Borrowed RM2,000 from ABC Bank Ltd in the form of a cheque. 2 May Paid rent of RM750 by cheque. 5 May Paid wages of RM120 in cash. 8 May Purchased goods for RM1,380 by cheque. 10 May Sold goods for RM650 cash. 12 May Drawings in cash: RM200 15 May Bought goods on credit for RM830 from Sammi Cheng 18 May Sold goods on credit for RM1,250 to Katherine Hee 20 May Bought shop fittings of RM2,500 by cheque. 23 May Paid water rates of RM325 in cash. 25 May Paid gas bill of RM230 by cheque. 27 May Returned goods costing RM310 to Sammi Cheng 28 May Katherine Hee returned goods with an invoice value of RM480. 29 May KayLee introduced further capital of a RM3,000 cheque. 30 May Bought stationery of RM90 in cash. 31…
Mia Toretto has been in business since 1st January 2020. The following is a list of her transaction for January 2020: 1/1/2020 Capital of RM30,000 paid into a business bank account. 2/1/2020 Van purchased on credit from Lang for RM5,000. 6/1/2020 Goods purchased on credit from Green for RM15,000. 10/1/2020 Cheque drawn on the bank for RM1,000 in order to open a petty cash account. 14/1/2020 Goods sold on credit for RM6,000 o Haddock. 18/1/2020 Cash sales of RM5,000. 20/1/2020 Cash purchases of Rm3,000. 22/1/2020 Miscellaneous expenses of RM500 paid out of petty cash. 25/1/2020 Lang’s account settled by cheque. 28/1/2020 Green allows Mia Toretto a cash discount of RM500. 29/1/2020 Green sent a cheque for RM10,000. 30/1/2020 Haddock is allowed a cash discount of RM600. 31/1/2020 Haddock settles his account in cash. Required: Enter the above transaction in Mia Toretto’s ledger accounts.
The following are the business transactions of Flora Florist for the month of October 2020: Oct 1 Started a business with capital of RM10,000.00. The money is deposited into the business bank account. 4 Bought a furniture and fittings for RM1,800.00, paid by cheque. 6 Bought an office equipment for RM2,500.00 on account. 8 Sold 5 bouquets of flowers amounting RM750.00 and received cash. 11 Obtained a loan of RM3,500.00 from a friend, Tina Richards. Deposited the money into the business bank account. 15 Sold 95 bouquets of flowers amounting RM3,325.00 to Sekolah Kebangsaan Proton City for a Year 6 Graduation. The school promised to pay at a later date. 18 Drawings RM250.00 by cheque. 23 Sold 15 bouquets of flowers amounting RM825.00 and received cash. 28 Paid wages RM500.00 and rent RM400.00 by cheques respectively. Required: Determine the effect of each transaction on the accounting equation.
Below are the transactions for the month of February 2020 for Mrs Lamuna, a sole trader: Feb 1 Started business with RM12,000 cash 2 Bought goods on credit from Shahirah RM1,000 3 Paid rent by cash RM200 4 Paid RM11,000 of the business cash into the business bank account 6 Sold goods on credit to Tini RM600 7 Bought stationery by cheque RM50 11 Cash sales RM100 14 Returned goods to Shahirah RM150 15 Sold goods on credit to Tinggasamy RM1,200 18 Goods returned by Tini RM45 23 Paid Shahirah by cheque RM850 25 Cash purchases RM250 27 Received cheque from Tinggasamy RM500 28 Received commission by cash RM100 Required: Record all the transaction in the general journal (with narration) Record the transaction in the appropriate ledger accounts and balance all the account Prepare the trial balance as at 28 February 2020
The following transactions are taken from Pak Maun Enterprise in November 2020: Nov 1 Starting business with cash in hand RM18,000 and cash in bank account RM100,000 3 Purchased office furniture worth RM24,000 from Kedai Perabot Dinesh 4 Purchased business inventories worth RM12,800 using cheque 5 Sold inventories worth RM6,000 to Kedai Mei Ling 7 Kedai Mei Ling returned defective inventories worth RM920 9 Withdrawal (business inventories) worth RM480 for family use 10 Received cheque from Kedai Mei Ling RM3,400 12 Purchased business inventories worth RM27,200 from Pembekal Syazwani 15 Returned business inventories worth RM560 to Pembekal Syazwani (wrong brand) 16 Cash sale RM2,400 20 Paid to Pembekal Syazwani using cheque RM14,000 22 Paid rental fee RM2,000 using cash 29 Paid workers’ salaries RM2,800 using cheque (i)Record the above transactions into the respective ledgers and balance the accounts.…
Viscount Catering collected RM42,000 cash on its accounts receivable. The effects of this transaction as reflected in the accounting equation are:
Mahendra started a business on 1 November 20–7. He provided the following information for his first month of trading: Nov 1 Introduced $160 000 capital into the business, of which $158 500 was transferred into a business bank account and the rest was placed in the business cash box2 Purchased premises, $95 000, paying by credit transfer5 Bought goods for resale, $2 600, on credit from Duleep10 Returned goods, $150, to Duleep14 Paid general expenses in cash, $27519 Paid rates in cash, $39521 Sold goods on credit to Anila, $124 Paid carriage on good sold, $95, in cash24 Paid Duleep $1 000 by cheque on account28 Took goods costing $250 for personal use30 Rented out part of the premises and received $260 rent by cheque a. Enter these transactions in the cash book and ledgers. Balance the cash book and Duleep’s account. Bring down the balances on 1 December 20–7. b. Prepare a trial balance on 30 November 20–7.Mahendra is considering allowing credit customers a cash discount for prompt…
The cash account balance of FDNACCT came from the following: From clients for service rendered, P361,000, From clients for services to be rendered, P23,000 From a bank loan, P102,000, and From additional investment of the owner, P174,000. How much is the income of the business?

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bartleby, a Learneo, Inc. business

1	Started the business with cash RM1,000 and bank account of RM19,000 as capital.
3	Bought computer RM3,600 from Syarikat Cerah Sdn. Bhd. on credit term.
7	Purchased goods RM6,000 from Daya & Co on credit term.
9	Received cheque RM2,600 from sales on cash term.
12	Issued a cheque RM3,000 for purchases of goods on cash term.
16	Issued a cheque RM5,700 to Daya & Co., as settlement of purchases above, after deducting a discount received of RM300.
17	Sales of goods RM4,000 to Era Enterprise on credit term.
21	Fatimah withdrew cash RM200 for family use.
24	Issued a cheque RM2,000 to Syarikat Cerah Sdn. Bhd. as partial settlement of amount owing.
27	Received cheque RM3,800 from Era Enterprise, as settlement of sales above, after deducting discount allowed of RM200.
28	Miscellaneous expense RM280 paid by cash.