Answered: 2. Transfer the journal entry into the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Concept explainers

Question

2. Transfer the journal entry into the general ledger and related subsidiary ledger
3. Prepare a Trial Balance on 31 Jan 2021

Transcribed Image Text:The following are transactions obtained from Company A accounting records. Jan 2021 1 1 2 3 4 5 6 8 10 10 10 11 12 13 14 15 19 22 22 26 26 26 26 29 30 31 Transactions Start a business by bringing in the following assets as capital: Cash in hand Cash in the bank. Vehicle Loan from the Bank has been approved amounting to RM50,000 with an interest rate of 4% per annum for 5 years has been credited into the bank account. Purchased furniture from Ellen's Furniture Store with 2,800 credit Purchase of merchandise in cash Sales in Cash Purchase merchandise on credit from Champion Supplier Collection of merchandise for family use Return of damaged goods to the Champion Supplier Sales on credit to Lia Shop Pay the Champion Supplier with a check Discounts received from Champion Suppliers Lia Shop returned the wrong brand of goods Paying for promotional materials with a check Receive cash from Lia Shop Sales in cash Purchase of merchandise on credit from Maiden Sdn Bhd Paying the cost of repairing the vehicle in cash Paying the loan and the monthly interest rate -Principle -Interest Paid shop rent with check Sales in Cash Pay electricity and water bills in cash Pay telephone and internet bills in cash Sales on credit at Syarikat Elma Sdn Bhd Paying employee wages, EPF and Socso contributions through banks as follows: Salary EPF Socso Withdrawal of cash by owner for own use Buying merchandise from Champion Suppliers on credit Additional information: 1. The final stock balance is worth RM9,720 2. Depreciation rates for assets are:- a. Vehicles -20% per year b. Office equipment & furniture -20% per annum c. Computer -20% per year RM 5'000 25'000 18'000 50'000 2800 1200 850 6300 500 150 2600 5900 250 210 800 950 1700 6700 320 833 167 2500 2100 550 150 3500 5000 500 50 3000 3500

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 3 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions