Homework Help is Here – Start Your Trial Now!
Business
Accounting
2. Transfer the journal entry into the general ledger and related subsidiary ledger

2. Transfer the journal entry into the general ledger and related subsidiary ledger

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
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:2. Transfer the journal entry into the general ledger and related subsidiary ledger 3. Prepare a Trial Balance on 31 Jan 2021
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
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

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 3 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Double entry bookkeeping system
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.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS