Question 1 Complete the column to show the effects of the transactions. The first transaction has been done for you. Paid creditor RM500 by cheque. Brought in personal car worth RM40,000 for use in business. Bought equipment costing RM6,000 from Shah Enterprise on credit. Jimmy, a long time client, issued a cheque of RM2,000 for a purchase made 4 months ago. Further injection of RM20,000 as additional capital of the business Effects of transaction on Transaction Assets(RM) Equity(RM) Liabilities(RM) a -500 -500 b c d e

Question 1 Complete the column to show the effects of the transactions. The first transaction has been done for you. Paid creditor RM500 by cheque. Brought in personal car worth RM40,000 for use in business. Bought equipment costing RM6,000 from Shah Enterprise on credit. Jimmy, a long time client, issued a cheque of RM2,000 for a purchase made 4 months ago. Further injection of RM20,000 as additional capital of the business Effects of transaction on Transaction Assets(RM) Equity(RM) Liabilities(RM) a -500 -500 b c d e

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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What is the answer of the following selected transaction?
Can you recheck the transaction on Feb. 12? It was said that the owner received P50,000 from customers, why did you deduct the P50,000 in accounts receivable? The cash came from the customers and not from the Nestle Corporation, does it? Should that P50,000 be added on the Capital? A revenue earned?
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Problem 2 The value of ABCDE are; A=1 B=5 C=7 D=6 E=8 Direction: Please answer it correctly. List the given, required and solution that will be use. Complete the steps and solution. Provide graph if necessary and box the final answers.
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