Question 1The following are the business transaction of Gin Heng Electrical Sdn.Bhd in September 2020:DateTransactionDocument01/09/2020Invested the business with RM20,000 of capital into Bank in SlipMaybank and RM6,000 as cash in hand.02/09/2020Bought office equipment for business use by cash ReceiptRM1,500.03/09/202020 units of Penasonex air conditioner are bought onPurchase Invoicecredit from Suzie for RM20,000.04/09/2020Eric withdrew cash amount RM500 for personal use.Receipt05/09/2020Purchased 20 units of Khund electrical kettle from Purchase InvoiceJuliana that costs RM100 for each.06/09/2020Sold 16 units of Penasonex air conditioner on credit to Sales InvoiceEconez with amount of RM24,000.07/09/2020Return 2 units of Penasonex air conditioner to Suzie with Debit Notethe total amount of RM2,000.09/09/2020Return 4 units of damaged Khund electrical kettle to Debit NoteJuliana. The total amount is RM400.10/09/2020Sold 14 units of Khund electrical kettle on credit for Sales InvoiceRM2,100 to Victor.11/09/2020Gin Heng Sdn. Bhd settled 80% of its account with Suzie Chequeby cheque RM12,960, less 10% discount.12/09/2020Return 3 units of Penasonex air conditioner from Econez Credit Notewith amount RM4,500.13/09/2020Paid electricity bills RM1,800 by cash.PaymentVoucher14/09/2020Received cash RM8,500 from Econez.Receipt15/09/2020Paid rent expenses to Mr. Chong with RM1,400 by | Chequecheque.16/09/2020Gin Heng Sdn.Bhd settled its account with Juliana by Receiptcash RM7,600. DateTransactionDocument19/09/2020Received sales commission of RM600 by cash.Receipt20/09/2020Withdrew RM1,000 from RHB Bank for business use, Transaction Slipin exchange of cash in hand.22/09/202015 units of LSG television is purchased on credit from Purchase InvoiceJuliana for RM15,000.24/09/2020Sold 12 units of LSG television on credit for RM16,800 | Sales Invoiceto Victor.26/09/2020Return 1 unit of LSG television from Victor with amount Credit NoteRM1,400.29/09/2020Victor settled its 80% account by paying cheque | ChequeRM12,600 and received 10% discount.30/09/2020The business paid salary RM1,200 per person to the Salary Slipthree workers by cash.Required:a. Prepare the journal entries for the above transactions.b. Prepare general ledger by using statement format (column). Record the openingbalances for the accounts as at 1 September

Journal Entry It is used to account the financial transaction of the business

Answered: a. Prepare the journal entries for the…

a. Prepare the journal entries for the above transactions. b. Prepare general ledger by using statement format (column).

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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