Question 2Prepare journal entries for each of the transactions below:i. Invested cash of RM30,000 into the business.ii. Purchased RM4,500 of equipment on credit.iii. Paid RM1,500 cash for this month's rent.iv. Purchased on credit RM3,000 of supplies to be used next month.v. Billed RM5,500 to customers for repairs made to date.vi. Paid cash for one-half of the amount owing in transaction iv.vii. Collected RM3,500 of the amount billed in transaction v.viii.Sold one-half of the equipment purchased in transaction ii above for RM2,000 incash.ix. Withdrew RM700 for the owner's personal use.x. Purchased RM1,800 inventories on credit (periodic inventory system).

The objective of this question is to prepare journal entries for each of the given transactions.…

Answered: Question 2 Prepare journal entries for…

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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