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

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

FINANCIAL ACCOUNTING
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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Question 1 The following are the business transaction of Gin Heng Electrical Sdn.Bhd in September 2020: Date Transaction Document 01/09/2020 Invested the business with RM20,000 of capital into Bank in Slip Maybank and RM6,000 as cash in hand. 02/09/2020 Bought office equipment for business use by cash Receipt RM1,500. 03/09/2020 20 units of Penasonex air conditioner are bought on Purchase Invoice credit from Suzie for RM20,000. 04/09/2020 Eric withdrew cash amount RM500 for personal use. Receipt 05/09/2020 Purchased 20 units of Khund electrical kettle from Purchase Invoice Juliana that costs RM100 for each. 06/09/2020 Sold 16 units of Penasonex air conditioner on credit to Sales Invoice Econez with amount of RM24,000. 07/09/2020 Return 2 units of Penasonex air conditioner to Suzie with Debit Note the total amount of RM2,000. 09/09/2020 Return 4 units of damaged Khund electrical kettle to Debit Note Juliana. The total amount is RM400. 10/09/2020 Sold 14 units of Khund electrical kettle on credit for Sales Invoice RM2,100 to Victor. 11/09/2020 Gin Heng Sdn. Bhd settled 80% of its account with Suzie Cheque by cheque RM12,960, less 10% discount. 12/09/2020 Return 3 units of Penasonex air conditioner from Econez Credit Note with amount RM4,500. 13/09/2020 Paid electricity bills RM1,800 by cash. Payment Voucher 14/09/2020 Received cash RM8,500 from Econez. Receipt 15/09/2020 Paid rent expenses to Mr. Chong with RM1,400 by | Cheque cheque. 16/09/2020 Gin Heng Sdn.Bhd settled its account with Juliana by Receipt cash RM7,600.
Transcribed Image Text:Question 1 The following are the business transaction of Gin Heng Electrical Sdn.Bhd in September 2020: Date Transaction Document 01/09/2020 Invested the business with RM20,000 of capital into Bank in Slip Maybank and RM6,000 as cash in hand. 02/09/2020 Bought office equipment for business use by cash Receipt RM1,500. 03/09/2020 20 units of Penasonex air conditioner are bought on Purchase Invoice credit from Suzie for RM20,000. 04/09/2020 Eric withdrew cash amount RM500 for personal use. Receipt 05/09/2020 Purchased 20 units of Khund electrical kettle from Purchase Invoice Juliana that costs RM100 for each. 06/09/2020 Sold 16 units of Penasonex air conditioner on credit to Sales Invoice Econez with amount of RM24,000. 07/09/2020 Return 2 units of Penasonex air conditioner to Suzie with Debit Note the total amount of RM2,000. 09/09/2020 Return 4 units of damaged Khund electrical kettle to Debit Note Juliana. The total amount is RM400. 10/09/2020 Sold 14 units of Khund electrical kettle on credit for Sales Invoice RM2,100 to Victor. 11/09/2020 Gin Heng Sdn. Bhd settled 80% of its account with Suzie Cheque by cheque RM12,960, less 10% discount. 12/09/2020 Return 3 units of Penasonex air conditioner from Econez Credit Note with amount RM4,500. 13/09/2020 Paid electricity bills RM1,800 by cash. Payment Voucher 14/09/2020 Received cash RM8,500 from Econez. Receipt 15/09/2020 Paid rent expenses to Mr. Chong with RM1,400 by | Cheque cheque. 16/09/2020 Gin Heng Sdn.Bhd settled its account with Juliana by Receipt cash RM7,600.
Date Transaction Document 19/09/2020 Received sales commission of RM600 by cash. Receipt 20/09/2020 Withdrew RM1,000 from RHB Bank for business use, Transaction Slip in exchange of cash in hand. 22/09/2020 15 units of LSG television is purchased on credit from Purchase Invoice Juliana for RM15,000. 24/09/2020 Sold 12 units of LSG television on credit for RM16,800 | Sales Invoice to Victor. 26/09/2020 Return 1 unit of LSG television from Victor with amount Credit Note RM1,400. 29/09/2020 Victor settled its 80% account by paying cheque | Cheque RM12,600 and received 10% discount. 30/09/2020 The business paid salary RM1,200 per person to the Salary Slip three workers by cash. Required: a. Prepare the journal entries for the above transactions. b. Prepare general ledger by using statement format (column). Record the opening balances for the accounts as at 1 September
Transcribed Image Text:Date Transaction Document 19/09/2020 Received sales commission of RM600 by cash. Receipt 20/09/2020 Withdrew RM1,000 from RHB Bank for business use, Transaction Slip in exchange of cash in hand. 22/09/2020 15 units of LSG television is purchased on credit from Purchase Invoice Juliana for RM15,000. 24/09/2020 Sold 12 units of LSG television on credit for RM16,800 | Sales Invoice to Victor. 26/09/2020 Return 1 unit of LSG television from Victor with amount Credit Note RM1,400. 29/09/2020 Victor settled its 80% account by paying cheque | Cheque RM12,600 and received 10% discount. 30/09/2020 The business paid salary RM1,200 per person to the Salary Slip three workers by cash. Required: a. Prepare the journal entries for the above transactions. b. Prepare general ledger by using statement format (column). Record the opening balances for the accounts as at 1 September
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