Mr. Fernandes is the owner of a sole proprietorship, F. Fernandes Enterprise. The following is h accounting record as at 1 August 2022. Date 1 2 3 4 5 6 7 8 12 15 24 28 Business Transactions Started the business with RM16,000 cash and RM11,000 in the bank. Bought goods on credit: J Biggs RM830, D Martin RM610, and P Lot RM590. Bought goods for cash RM370. Paid rent in cash RM75. Bought stationery paying by cheque RM62. Sold goods on credit: D Twigg RM370, B. Hogan RM290, K. Fletcher RM410. Paid wages and rent in cash of RM160 and RM175. Returned goods to D. Martin RM195. B. Hogan returns goods RM35. Bought a van on credit from B. Black for RM6,100. Received part of the amount owing from K. Fletcher by cheque RM250. Paid by cheque: J Biggs RM830; D. Martin RM415, B. Black RM6, 100. Required: State the double entry for the above transactions.
Mr. Fernandes is the owner of a sole proprietorship, F. Fernandes Enterprise. The following is h accounting record as at 1 August 2022. Date 1 2 3 4 5 6 7 8 12 15 24 28 Business Transactions Started the business with RM16,000 cash and RM11,000 in the bank. Bought goods on credit: J Biggs RM830, D Martin RM610, and P Lot RM590. Bought goods for cash RM370. Paid rent in cash RM75. Bought stationery paying by cheque RM62. Sold goods on credit: D Twigg RM370, B. Hogan RM290, K. Fletcher RM410. Paid wages and rent in cash of RM160 and RM175. Returned goods to D. Martin RM195. B. Hogan returns goods RM35. Bought a van on credit from B. Black for RM6,100. Received part of the amount owing from K. Fletcher by cheque RM250. Paid by cheque: J Biggs RM830; D. Martin RM415, B. Black RM6, 100. Required: State the double entry for the above transactions.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Question 1
Mr. Fernandes is the owner of a sole proprietorship, F. Fernandes Enterprise. The following is his
accounting record as at 1 August 2022.
Date
1
2
3
4
5
6
7
8
12
15
24
28
Business Transactions
Started the business with RM16,000 cash and RM11,000 in the bank.
Bought goods on credit: J Biggs RM830, D Martin RM610, and P Lot RM590.
Bought goods for cash RM370.
Paid rent in cash RM75.
Bought stationery paying by cheque RM62.
Sold goods on credit: D Twigg RM370, B. Hogan RM290, K. Fletcher RM410.
Paid wages and rent in cash of RM160 and RM175.
Returned goods to D. Martin RM195.
B. Hogan returns goods RM35.
Bought a van on credit from B. Black for RM6, 100.
Received part of the amount owing from K. Fletcher by cheque RM250.
Paid by cheque: J Biggs RM830; D. Martin RM415, B. Black RM6, 100.
Required:
State the double entry for the above transactions.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education