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

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

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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Do a trial balance according to the transactions
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…
Question 2 Sold $1,500 on account to Mrs. Hinshaw. What two accounts are impacted: Cash and Owners Equity Accounts Receivable and Owners Equity O Accounts Receivable and Cash Pre-paid and Accounts Payable
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Transaction Assets Liabilities Capital a) The owner brought in his furniture for business use b) Bought motor van on credit for business use c) Deposited cash into a bank d) Sold goods on credit to Ayoyo Sdn Bhd e) Paid creditor Imran Enterprise by cheque f) Bought goods on credit from Batani Enterprise g) The owner invested additional cash into business h) Goods are returned by Batani Enterprise because damage i) Received a loan from OACC Bank