Show the effect of the following transactions
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question

Transcribed Image Text:5. Show the effect of the following transactions
Elfect
Transactions
(a)
Started business with cash and equipment
(b)Bought furniture and payment was immediately made by cheque
(c)
Bought stationery on credit
(d)
Transfer cash to company's bank account
(e)
Pald rental of premises by cheque
Bought motor vehicles from Asia Motor Sdn. Bhd, payment made on
Instalment basis
(9)
Pald cash for administrative expenses
(b)
Borrowed money from Finance Bhd.
(1)
Tenants paid rent due in cash

Transcribed Image Text:Bought motor vehicles from Asia Motor Sdn. Bhd, payment made on
Instalment basis
(g)
Pald cash for administrative expenses
(b)
Borrowed money from Finance Bhd.
Tenants paid rent due in cash
The owner took cash to pay for her personal expenses
(K)
Pald wages and salaries by cheque
Paid loan in cash
(m)
Paid water and electricity bills by cheque
(n)
Receivable pald the amount due in cash
(0)
Paid insurance on molor vehicles by cheque
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 2 images

Recommended textbooks for you


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON

Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education