Instruction :.Journalize the above transactions (from 1 to 10)(Use this format)Example :TransactionItemDebitCredita.Account Receivable50Sales Revenue50 Muaz has established a small business enterprise selling handphone accessories and repairing services on October 2020 and completed the following transactionduring October.1) Opened a business bank account with a deposit of RM20,000 from personal funds2) Purchased accessories supplies on account, RM2,3003) Repaired handphone , receiving cash RM5004) Paid creditors on account, RM1,8005)Paid half of the shop rental of RM1,000 per month and bought cash ,some repairing equipment, RM6006) Bought a second hand car using personal funds, RM12,000 for company use7) Repaired 3 handphones, each charged a service fee of RM200. Only 2 customers had paid in full8) Paid a sales assistant half of the salary RM600 per month9) A customer paid the service fees outstanding for handphone repaired10) Muaz withdraw RM300 from the business for personal use.Instruction :.Based on the transaction , show the effect on the expanded accounting equation (indicating the name of the accounts, amounts and which accountsincrease/decreases) based on the format below:EXAMPLE :Expensese= Liabilities + Owner Capital - Drawings + RevenueSales RevenueAssetAcc.ReceivableIncreaseIncreaseRM50RM50Use the following terms to identify the accounts;Cash, Muaz Capital, Accesories Supplies, Accounts payable, Service Fees, Fees Receivable,Rent Expense,Repairing Equipment,Motor Vehicle, Muaz Withdrawals,Salary Expense, Salary Payable.

An Accounting equation shows the equality between the resources and the sources which finance the…

Instruction : Based on the transaction, show the effect on the expanded accounting equation (indicating the name of the accounts, amounts and which accounts increase/decreases) based on the format below: EXAMPLE : - Liabilities + Owner Capital - Drawings- Revenue Sales Revenue Asset Expensese Acc.Receivable Increase Increase RM50 RM50 Use the following terms to identify the accounts: Cash, Muaz Capital, Accesories Supplies, Accounts payable, „Service Fees, Fees Receivable.Rent Expense,Repairing Equipment,Motor Vehicle, Muaz Withdrawals, Salary Expense, Salary Payable.

Instruction : Based on the transaction, show the effect on the expanded accounting equation (indicating the name of the accounts, amounts and which accounts increase/decreases) based on the format below: EXAMPLE : - Liabilities + Owner Capital - Drawings- Revenue Sales Revenue Asset Expensese Acc.Receivable Increase Increase RM50 RM50 Use the following terms to identify the accounts: Cash, Muaz Capital, Accesories Supplies, Accounts payable, „Service Fees, Fees Receivable.Rent Expense,Repairing Equipment,Motor Vehicle, Muaz Withdrawals, Salary Expense, Salary Payable.

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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