Below were transactions for the month of March 2021 for Aisyah, a sole trader: Date Business Transactions Started a business with RM20,000. Bought goods worth RM1,000 on credit from Nasir. Paid rent RM200 cash. Transferred RM12,000 of the business cash into the bank 1 2 4 account. Sold goods to Nurul RM600. Bought stationery by cheque RM50. Cash sales RM100. Returned goods worth RM150 to Nasir. Received commission RM100 by cash. 12 Required: Using the example provided below: a) Identify the effects (increase/decrease) of the above transactions on assets, liabilities, owner's equity, revenues and expenses.
Below were transactions for the month of March 2021 for Aisyah, a sole trader: Date Business Transactions Started a business with RM20,000. Bought goods worth RM1,000 on credit from Nasir. Paid rent RM200 cash. Transferred RM12,000 of the business cash into the bank 1 2 4 account. Sold goods to Nurul RM600. Bought stationery by cheque RM50. Cash sales RM100. Returned goods worth RM150 to Nasir. Received commission RM100 by cash. 12 Required: Using the example provided below: a) Identify the effects (increase/decrease) of the above transactions on assets, liabilities, owner's equity, revenues and expenses.
Chapter7: Accounting Information Systems
Section: Chapter Questions
Problem 11MC: Your company paid rent of $1,000 for the month with check number 1245. Which journal would the...
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Question
Answer Question 1a) only
![Question 1
Below were transactions for the month of March 2021 for Aisyah, a sole trader:
Date
Business Transactions
1
Started a business with RM20,000.
Bought goods worth RM1,000 on credit from Nasir.
Paid rent RM200 cash.
Transferred RM12,000 of the business cash into the bank
2
4
account.
Sold goods to Nurul RM600.
6.
Bought stationery by cheque RM50.
7
Cash sales RM100.
Returned goods worth RM150 to Nasir.
Received commission RM100 by cash.
12
Required: Using the example provided below:
a) Identify the effects (increase/decrease) of the above transactions on assets, liabilities, owner's
equity, revenues and expenses.
b) Identify the double entry to record the transactions above.
Example:
1 July 2021 - Fuzi brought in RM100,000 cash and deposit the money into the business bank
account.
2021
Effects
Increase assets
Increase owner equity
Account to be debited
Account to be credited
July 1
Bank
Capital](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F53d7cf85-38ef-4e29-990a-1b88e048b96f%2F1272d557-d13e-4ffc-b7d1-20f0665bbe75%2Fttvz8x_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Question 1
Below were transactions for the month of March 2021 for Aisyah, a sole trader:
Date
Business Transactions
1
Started a business with RM20,000.
Bought goods worth RM1,000 on credit from Nasir.
Paid rent RM200 cash.
Transferred RM12,000 of the business cash into the bank
2
4
account.
Sold goods to Nurul RM600.
6.
Bought stationery by cheque RM50.
7
Cash sales RM100.
Returned goods worth RM150 to Nasir.
Received commission RM100 by cash.
12
Required: Using the example provided below:
a) Identify the effects (increase/decrease) of the above transactions on assets, liabilities, owner's
equity, revenues and expenses.
b) Identify the double entry to record the transactions above.
Example:
1 July 2021 - Fuzi brought in RM100,000 cash and deposit the money into the business bank
account.
2021
Effects
Increase assets
Increase owner equity
Account to be debited
Account to be credited
July 1
Bank
Capital
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