2. Listed below are the transactions for Embroidery Enterprise during January until March 2021: Jan 1 Invested RM200,000 cash for the business. Purchascd computers costing RM25,000, paying RM10,000 in cash and signed a 5-month, 10% of note payable. Purchased supplies for RM1,000 by cash. Reccived a RM15,000 cash advance from a client for a project that are expected to be completed by stages until 30 April 2021. Paid RM3,000 for a one-year insurance policy. Incurred RM300 by cash for entertaining client for dinner. Rent out extra office space on account for RM750. Completed first stage of client's project of RM5,000. Paid part-timer workers for RM2,000 by cash. Withdrew cash of RM450 from the business for personal use. Used RM300 of supplies. Received payment from office space rental. Jan 15 Jan 17 Jan 30 Feb 1 Feb 14 Feb 18 Feb 25 Feb 28 March 3 March 5 March 19 Required: Prepare journal entries for the transactions above.
2. Listed below are the transactions for Embroidery Enterprise during January until March 2021: Jan 1 Invested RM200,000 cash for the business. Purchascd computers costing RM25,000, paying RM10,000 in cash and signed a 5-month, 10% of note payable. Purchased supplies for RM1,000 by cash. Reccived a RM15,000 cash advance from a client for a project that are expected to be completed by stages until 30 April 2021. Paid RM3,000 for a one-year insurance policy. Incurred RM300 by cash for entertaining client for dinner. Rent out extra office space on account for RM750. Completed first stage of client's project of RM5,000. Paid part-timer workers for RM2,000 by cash. Withdrew cash of RM450 from the business for personal use. Used RM300 of supplies. Received payment from office space rental. Jan 15 Jan 17 Jan 30 Feb 1 Feb 14 Feb 18 Feb 25 Feb 28 March 3 March 5 March 19 Required: Prepare journal entries for the transactions above.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:2. Listed below are the transactions for Embroidery Enterprise during January until
March 2021:
Jan 1
| Invested RM200,000 cash for the business.
Purchascd computers costing RM25,000, paying RM10,000 in cash
and signed a 5-month, 10% of note payable.
Purchased supplies for RM1,000 by cash.
Received a RM15,000 cash advance from a client for a project that
are expected to be completed by stages until 30 April 2021.
Paid RM3,000 for a one-year insurance policy.
Incurred RM300 by cash for entertaining client for dinner.
Rent out extra office space on account for RM750.
Completed first stage of client's project of RM5,000.
Paid part-timer workers for RM2,000 by cash.
Withdrew cash of RM450 from the business for personal use.
Used RM300 of supplies.
Received payment from office space rental.
Jan 15
Jan 17
Jan 30
Feb 1
Feb 14
Feb 18
Feb 25
Feb 28
March 3
March 5
March 19
Required:
Prepare journal entries for the transactions above.
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