Daisy, who experienced worked with notable technology consulting firm for 10 years decides to open her own business, Digital Era Communication Supplies (DECS). The business provides computer accessories supplies such as webcam, computer mouse and others. Daisy appoints Matthew as junior accountant for the company. Matthew responsible to perform the recording process and prepare financial statement for the DECS. 'The transactions for the first month of operation presented as below: Date Transaction June 2023 1 Invested business with RM35,000, which deposited into the bank. 2 Daisy brought in furniture worth RM1 7,000 for business use. 3 Purchased 100 units of webcam on credit RM1 1, 200 from Hard Net Technology. 7 Purchased 30 units of webcam worth RM3, 360 from Alpha Dot Com. 15 Sold 50 units of webcam at RM150 per unit to Master in Tech and received cheque RM7,500. 17 Aman College returned 2 units of webcam amounted to RM300 due to wrong model. 20 Paid Hard Net by cheque and received 3% discount. Ending inventory had been valued at RM6,944 Required: Assume that you are Matthew, using periodic inventory system. a) Journalize the above transactions (narration is not required). b) Post to related accounts, balance off and prepare trial balance. c) Prepare Statement of Profit or Loss for the month ended 30 June 2023. d) Explain THREE (3) recommendations to improve Digital Era Communication Supplies performance.
Daisy, who experienced worked with notable technology consulting firm for 10 years decides to open her own business, Digital Era Communication Supplies (DECS). The business provides computer accessories supplies such as webcam, computer mouse and others. Daisy appoints Matthew as junior accountant for the company. Matthew responsible to perform the recording process and prepare financial statement for the DECS. 'The transactions for the first month of operation presented as below: Date Transaction June 2023 1 Invested business with RM35,000, which deposited into the bank. 2 Daisy brought in furniture worth RM1 7,000 for business use. 3 Purchased 100 units of webcam on credit RM1 1, 200 from Hard Net Technology. 7 Purchased 30 units of webcam worth RM3, 360 from Alpha Dot Com. 15 Sold 50 units of webcam at RM150 per unit to Master in Tech and received cheque RM7,500. 17 Aman College returned 2 units of webcam amounted to RM300 due to wrong model. 20 Paid Hard Net by cheque and received 3% discount. Ending inventory had been valued at RM6,944 Required: Assume that you are Matthew, using periodic inventory system. a) Journalize the above transactions (narration is not required). b) Post to related accounts, balance off and prepare trial balance. c) Prepare Statement of Profit or Loss for the month ended 30 June 2023. d) Explain THREE (3) recommendations to improve Digital Era Communication Supplies performance.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Daisy, who experienced worked with notable technology consulting firm for 10 years decides to
open her own business, Digital Era Communication Supplies (DECS). The business provides
computer accessories supplies such as webcam, computer mouse and others. Daisy appoints
Matthew as junior accountant for the company. Matthew responsible to perform the recording
process and prepare financial statement for the DECS. "The transactions for the first month of
operation presented as below: Date Transaction June 2023 1 Invested business with RM35,000,
which deposited into the bank. 2 Daisy brought in furniture worth RM1 7,000 for business use. 3
Purchased 100 units of webcam on credit RM1 1, 200 from Hard Net Technology. 7 Purchased 30
units of webcam worth RM3, 360 from Alpha Dot Com. 15 Sold 50 units of webcam at RM150 per
unit to Master in Tech and received cheque RM7,500. 17 Aman College returned 2 units of
webcam amounted to RM300 due to wrong model. 20 Paid Hard Net by cheque and received 3%
discount. Ending inventory had been valued at RM6,944 Required: Assume that you are Matthew,
using periodic inventory system. a) Journalize the above transactions (narration is not required).
b) Post to related accounts, balance off and prepare trial balance. c) Prepare Statement of Profit
or Loss for the month ended 30 June 2023. d) Explain THREE (3) recommendations to improve
Digital Era Communication Supplies performance.
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