Question 2 Prepare 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 in cash. ix. Withdrew RM700 for the owner's personal use. x. Purchased RM1,800 inventories on credit (periodic inventory system).
Question 2 Prepare 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 in cash. ix. Withdrew RM700 for the owner's personal use. x. Purchased RM1,800 inventories on credit (periodic inventory system).
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Question 2
Prepare 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 in
cash.
ix. Withdrew RM700 for the owner's personal use.
x. Purchased RM1,800 inventories on credit (periodic inventory system).
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