PR 1-4A Transactions; financial statements OBJ. 4, 5 On July 1, 2018, Pek Nga established Hartanah Mentari. Pek completed the following transac- tions during the month of July: a. Opened a business bank account with a deposit of RM25,000 from personal funds. b. Purchased office supplies on account, RM1,850. c. Paid creditor on account, RM1,200. d. Earned sales commissions, receiving cash, RM41,500. e. Paid rent on office and equipment for the month, RM3,600. f. Withdrew cash for personal use, RM4,000. g. Paid automobile expenses (including rental charge) for month, RM3,050, and miscellaneous expenses, RM1,600. h. Paid office salaries, RM5,000. i. Determined that the cost of supplies on hand was RM950; therefore, the cost of supplies used was RM900. Instructions 1. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: Assets = Liabilities + Owner's Equity Pek Pek Accounts Nga, Nga, Sales Cash - Supplies = Payable + Capital - Drawing + Commissions - Expense - Expense - Expense - Expense Salaries Rent Auto Supplies Misc. Expense 2. Prepare an Statement of Profit or Loss for July, a statement of owner's equity for July, and a Statement of Financial Position as of July 31.
PR 1-4A Transactions; financial statements OBJ. 4, 5 On July 1, 2018, Pek Nga established Hartanah Mentari. Pek completed the following transac- tions during the month of July: a. Opened a business bank account with a deposit of RM25,000 from personal funds. b. Purchased office supplies on account, RM1,850. c. Paid creditor on account, RM1,200. d. Earned sales commissions, receiving cash, RM41,500. e. Paid rent on office and equipment for the month, RM3,600. f. Withdrew cash for personal use, RM4,000. g. Paid automobile expenses (including rental charge) for month, RM3,050, and miscellaneous expenses, RM1,600. h. Paid office salaries, RM5,000. i. Determined that the cost of supplies on hand was RM950; therefore, the cost of supplies used was RM900. Instructions 1. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: Assets = Liabilities + Owner's Equity Pek Pek Accounts Nga, Nga, Sales Cash - Supplies = Payable + Capital - Drawing + Commissions - Expense - Expense - Expense - Expense Salaries Rent Auto Supplies Misc. Expense 2. Prepare an Statement of Profit or Loss for July, a statement of owner's equity for July, and a Statement of Financial Position as of July 31.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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I need question 2, please. thank you :)
Transcribed Image Text:PR 1-4A Transactions; financial statements
OBJ. 4, 5
On July 1, 2018, Pek Nga established Hartanah Mentari. Pek completed the following transac-
tions during the month of July:
a. Opened a business bank account with a deposit of RM25,000 from personal funds.
b. Purchased office supplies on account, RM1,850.
c. Paid creditor on account, RM1,200.
d. Earned sales commissions, receiving cash, RM41,500.
e. Paid rent on office and equipment for the month, RM3,600.
f. Withdrew cash for personal use, RM4,000.
g. Paid automobile expenses (including rental charge) for month, RM3,050, and miscellaneous
expenses, RM1,600.
h. Paid office salaries, RM5,000.
i. Determined that the cost of supplies on hand was RM950; therefore, the
of supplies used
was RM900.
Instructions
1. Indicate the effect of each transaction and the balances after each transaction, using the
following tabular headings:
Assets
= Liabilities +
Owner's Equity
Pek
Pek
Accounts
Nga,
Cash - Supplies = Payable + Capital - Drawing + Commissions
Nga,
Sales
Salaries
Rent
Auto
Supplies
Expense - Expense
Misc.
Expense
Expense
Expense
2. Prepare an Statement of Profit or Loss for July, a statement of owner's equity for July, and
a Statement of Financial Position as of July 31.
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