Mastura has just started her printing business, MAS CETAK ENTERPRISE in October 202 The following transactions occurred in the first month of the business operation: May Transactions 1 Mastura invests RM105,000 cash to start the business. Purchased three pieces of equipment for RM135,000, paying RM45,000 cash and signing a 5-year, 10% note for the remainder. Purchased RM7,500 supplies on credit. Received cash amounted to RM4,500 for services performed. 15 Paid RM750 cash for radio advertising. 17 Paid RM1.00 on account for supplies purchased 3rd May. 2.
Mastura has just started her printing business, MAS CETAK ENTERPRISE in October 202 The following transactions occurred in the first month of the business operation: May Transactions 1 Mastura invests RM105,000 cash to start the business. Purchased three pieces of equipment for RM135,000, paying RM45,000 cash and signing a 5-year, 10% note for the remainder. Purchased RM7,500 supplies on credit. Received cash amounted to RM4,500 for services performed. 15 Paid RM750 cash for radio advertising. 17 Paid RM1.00 on account for supplies purchased 3rd May. 2.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
a) Prepare journal entries to record above transactions.
b) Post to relevant ledger accounts.
Transcribed Image Text:Mastura has just started her printing business, MAS CETAK ENTERPRISE in October 2021.
The following transactions occuIred in the first month of the business operation:
May
Transactions
1
Mastura invests RM105,000 cash to start the business.
Purchased three pieces of equipment for RM135,000, paying RM45,000 cash
and signing a 5-year, 10% note for the remainder.
Purchased RM7,500 supplies on credit.
Received cash amounted to RM4,500 for services performed.
3
8.
15
Paid RM750 cash for radio advertising.
17
Paid RM1,200 on account for supplies purchased 3rd May.
26
Owner withdrew RM3,150 cash from the business for personal expenses.
30
Paid RM1,800 cash for rent of the current month.
30
Received RM3,000 cash advance from a customer for future services.
31
Billed a customer for RM862 for work done.
Required:
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