Question 1 The following is a list of accounting transactions. Indicates the effect of each transaction Increase, Decrease or No Effect in assets, liabilities and owner's equity. No Transactions Assets Liabilities Owner's Equity 1. Ali started a business and contributed RM10,000 as investment 2. Purchased 5 bicycle for business use on credits 3. Paid Rental of RM6000 by cash 4. Bought supply of goods by cash 5. Bought goods on credit from Jaya supplier 6. Sold goods to customer for cash 7. Sold goods on credit to SEGI Restaurant 8. Withdrew money from business for personal use 9. Paid salary RM5000 10 Paid utilities bills by cash
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- 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.Transaction Account to be debitedAccount to be crediteda. Started a business with RM50,000 by cashb. Owner transfer RM25,000 cash to the business bank accountc. Purchased a motor vehicle on credit from Honda Berhad for RM40,000d. Bought goods on credit from Laila Berhad worth RM250e. Paid to Lili Berhad, a creditor RM100 by chequef. The owner took out RM1,500 cash for family holiday trip with his familyg. Goods purchased from Lili Berhad broken so we returned back to her worth RM25h. Cash sales RM800i. Paid electricity bill by cheque for RM200 Transaction Asset Liabilities CapitalExample : Start a business with cash in hand + Cash + Capitala) The owner brought in his furniture for business use b) Bought motor van on credit for business usec) Deposited cas into a bankd) Sold goods on credit to Ayoyo Sdn Bhde) Paid creditor Imran Enterprise by chequef) Bought goods on credit from Batani Enterpriseg) The owner invested additional cash into business h) Goods are returned by Batani…Preliminary course. Classify each of the following accounts as an asset, liability, equity, revenue or expense. a Sales. b Cost of goods sold. Accounts receivable. d Lease. e Mortgage loan. f Inventory or stock. g Advertising. h Interest paid on loans. i Bank overdraft. j Company car. k Equipment. I Land and buildings. m Owners' capital. n Accounts payable. Tax on net profit. p Telephone. q Accountant's fees. Wages. Cash. t Insurance. Retained profits. v Debentures.
- Enrichment Activity Since it was already discussed the theory of debit and credit in the use of a T account and the effect on assets, liabilities, capital, income, and expenses, record the following transactions in their corresponding T account by answering the remaining transactions Number 1-3 is already done for you. Use 1 whole sheet of paper. 4. Rendered services to Lao Ay on account P3,000.00. 5. The owner withdraws P4,000.00 for his personal use. 6. Received P20,000.00 cash from the customer for services rendered. 7. Paid electricity bill P10,000.00Give Accounting Equation for the following transactions of Jitesh:– Started business with cash $. 36,000– Paid rent in advance $. 800– Purchased goods for cash $.10,000 and on credit $. 4,000– Sold goods for cash $. 8,000– Rent paid $. 2000 and rent outstanding $. 400– Bought cycle for personal use $. 16,000– Purchased equipment's for cash $. 10,000– Paid to creditor$ $. 1,200– Some business expenses paid $. 1,800– Depreciation on equipment $. 2,000Directions: Record the transactions directly into the T-accounts. The transactions are independent of one another. Use the following account titles: CashOwner’s WithdrawalsAccounts ReceivableProfessional FeesOffice EquipmentSalaries ExpenseOffice FurnitureRent ExpenseAccounts PayableUtility ExpenseOwner’s CapitalMiscellaneous Expense a. The owner deposited P280,000 in the name of his business.b. He purchased 4-in-1 equipment from Limay Equipment for P4,950, paying P1,000 in cash and the balance on the account.c. He bought chairs and tables for the office for P12,300 cash.d. He purchased furniture from Orion Company for P2,750 in cash.e. He received and paid the telephone bill from Ph Telecom amounting to P1,080.f. He billed his customers P12,940 for services on account.g. He paid P1,850 for the electric bill from BEBECO.h. He paid P3,500 for the membership fee.i. He received P17,650 in cash for services rendered.j. He paid P1,000 to partially settle accounts with Orion Company.k. He…
- action Analysis: Debit and Credit Rules Chap APPLY WHAT YOU HAVE LEARNED 2-1. Accounting equation. Use the following table to show the effects of transactions 1-10. Use+ or – and the dollar amount to show the effects. If a transaction affects only one cell, show the dollar amount and both + and -. The transactions describe events for Copymaster Corporation, a photocopying business. Assets Liabilities 1. 000 Equity t 5060 2. 5. 6. 7. 8. 9. 10. 1. Shareholders invested $5,000 cash to begin the business. 2. Copymaster bought a copying machine for $1,500 cash. 3. Copymaster sold copies to customers for $500 cash. 4. Copymaster produced copies for Fellows Corporation, its customer. The total sale amount was $1,200. Copymaster agreed to bill Fellows for the sale at the end of the month. bloe 5. Copymaster paid employees $600. 6. Copymaster bought supplies for $300. 7. Copymaster paid rent of $700. 8. Copymaster paid utilities of $200. 9. Copymaster bought office furniture for $500. 10.…Show the effect of the following transactions in the accounting equation. For example: No. Account DR Account CR A = OE + L 1. Furniture Capital + 20 000 + 20 000 0 The owner deposited R 60 000 into business current account as his contribution. Sold goods on credit to F Malila for R 7000 (Cost price R4 500). Business obtained a loan of R30 000 from FCB Bank, the money was transferred to the business current account. Bought stationery on credit, R300. Owner withdrew R400 for personal use.PROBLEM: Alex Sun had the following transactions. Use the accounting equation show their effect on his Assets, Liabilities, and Capital. A. Invested P65,000. B. Purchased securities for cash P8,500. C. Purchased a home for P15,000: giving P 5,000 in cash and the balance through loan account. D. Sold securities costing P 1,000 for P 1,500. E. Purchase an old car for P 2,800. F. Received cash as salary P 3,600. G Paid cash P 600 for loan and P 200 for interest. H. Paid cash for expense P 400. 1. Received cash for dividend on securities P 300.
- QUESTION TWO Enter the following transactions in the accounts of R.Sampa,balance off the accounts and extract the Trial Balance: 2022 Nov 1 Started in business with K15,000 in the bank. 3 Bought goods on credit from: J Small K290; F Brown K1,200; T Rae K610; R Charles K530. 5 Cash sales K610. == 6 Paid rent by cheque K175. 7 Paid business rates by cheque K130. 11 Sold goods on credit to: T Potts K85; J Field K48; T Gray K1,640. == == 17 Paid wages by cash K290. 18 We returned goods to: J Small K18; R Charles K27 19 Bought goods on credit from: R Charles K110; T Rae K320; F Jack K165. == == 20 Goods were returned to us by: J Field K6; T Potts K14. 21 Bought van on credit from Turnkey Motors K4,950. 23 We paid the following by cheque: J Small K272; F Brown K1,200; T Rae K500. == == 25 Bought another van, paying by cheque immediately K6,200. 26 Received a loan of K750 cash from B. Bennet. 28 Received cheques from: T Potts K71; J Field K42. 30 Proprietor brings a further K900 into the…1. Balance and solve the problem. ACCOUNTS FURNITURES ACCOUNTS UTILIITES OWNER'S TRANSACTION CASH RECEIVABLES & FIXTURES PAYABLE PAYABLE EQUITY 1. Mr. Chu invested P65,000 2. Mr. Chu bought furnitures for his business worth P9,675 3. Mr. Chu borrowed P47,000 from Ms. Chi to add to his business 4. Mr. Chu sold P31,850 worth of products on account 5. Mr. Chu paid the water, electricity and internet bill worth, P900, P3200 and P1999, respectively 6. Mr.Chu delivered orders and received payment of P18,950 for the products 7. Mr. Chu paid Ms. Chi P32,000 8. Mr. Chu invested another P16,200 9. Mr. Chu Paid Ms. Chi P 3,000 Total Assets: Total Liabilities: Total Owner's Equity:Ans Which of the following is correct? Assets Liabilities Capital A Brought furniture by cash Cash Furniture Owner took computer for own use Cash Сapital C Mr. John paid us by cheque Bank Mr. John Goods Debtors Sold goods on credit Ans