Sheikh Bazar is a retail business owned by Mr. Sheikh. The followings are the summarized business transactions in the month of November: Nov 3 Collected RM27,000 from the debtors of the accounts receivable. 5 Paid debts of RM16,400 to the payable accounts. 8 Purchased goods worth RM22,000 on credit. 12 Goods in hand at the end of the period cost RM15,000 is sold on credit for RM23,000. 17 Paid shop rental of RM1000 for the month of November by cash. 25 Paid workers' salaries of RM3,100 for the month of November by cash. 29 Mr. Sheikh took out cash of RM6,300 for his personal use. Required: Prepare journal entries for each business transaction in November.

Sheikh Bazar is a retail business owned by Mr. Sheikh. The followings are the summarized business transactions in the month of November: Nov 3 Collected RM27,000 from the debtors of the accounts receivable. 5 Paid debts of RM16,400 to the payable accounts. 8 Purchased goods worth RM22,000 on credit. 12 Goods in hand at the end of the period cost RM15,000 is sold on credit for RM23,000. 17 Paid shop rental of RM1000 for the month of November by cash. 25 Paid workers' salaries of RM3,100 for the month of November by cash. 29 Mr. Sheikh took out cash of RM6,300 for his personal use. Required: Prepare journal entries for each business transaction in November.

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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