T-Lipot Enterprise is a business supplying fresh goat milk to supermarkets in Kuala Terengganu. Given below are the business transactions of T-Lipot Enterprise for the month of January 2018. Date January 2018 Transactions Raihan, the owner brought in RM100,000 cash and deposited the money into the business bank account. Purchased 1,000 bottles of fresh goat milk worth RM5,000 on credit from Kedai Abu Bakar. 12 Purchased a large freezer worth RM2,500 on credit from Seng Hek Sdn Bhd. 16 Sold 150 bottles worth RM3,000 of fresh goat milk to Mek Sue on credit. 19 Issued cheque to Kedai Abu Bakar of RM3,000. 21 Raihan withdraw RM 500 cash for his personal use. Mek Sue returned 20 bottles of fresh goat milk worth RM400 due to lack of freshness. 22 23 Received cheque of RM2,000 for the sales of 100 bottles of fresh goat milk. 25 Mek Sue paid the amount owed by cheque. Purchased 500 bottles of fresh goat milk from Zack Goatie on credit at a price of RM7,500 due to stock shortages. 26 31 Issued cheque of RM7,500 to Zack Goatie for full payments. Required: Classify the effects (increase or decrease) on assets, liabilities, revenues, expenses or owner's equity for the above transactions. b. Show the accounts to be debited and credited for all of the transactions above. State the appropriate books of prime entry for the transactions from 16 January 2018 to 31 January 2018. 5,
T-Lipot Enterprise is a business supplying fresh goat milk to supermarkets in Kuala Terengganu. Given below are the business transactions of T-Lipot Enterprise for the month of January 2018. Date January 2018 Transactions Raihan, the owner brought in RM100,000 cash and deposited the money into the business bank account. Purchased 1,000 bottles of fresh goat milk worth RM5,000 on credit from Kedai Abu Bakar. 12 Purchased a large freezer worth RM2,500 on credit from Seng Hek Sdn Bhd. 16 Sold 150 bottles worth RM3,000 of fresh goat milk to Mek Sue on credit. 19 Issued cheque to Kedai Abu Bakar of RM3,000. 21 Raihan withdraw RM 500 cash for his personal use. Mek Sue returned 20 bottles of fresh goat milk worth RM400 due to lack of freshness. 22 23 Received cheque of RM2,000 for the sales of 100 bottles of fresh goat milk. 25 Mek Sue paid the amount owed by cheque. Purchased 500 bottles of fresh goat milk from Zack Goatie on credit at a price of RM7,500 due to stock shortages. 26 31 Issued cheque of RM7,500 to Zack Goatie for full payments. Required: Classify the effects (increase or decrease) on assets, liabilities, revenues, expenses or owner's equity for the above transactions. b. Show the accounts to be debited and credited for all of the transactions above. State the appropriate books of prime entry for the transactions from 16 January 2018 to 31 January 2018. 5,
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:T-Lipot Enterprise is a business supplying fresh goat milk to supermarkets in Kuala
Terengganu. Given below are the business transactions of T-Lipot Enterprise for the month
of January 2018.
Date
January 2018
Transactions
Raihan, the owner brought in RM100,000 cash and deposited the money
into the business bank account.
Purchased 1,000 bottles of fresh goat milk worth RM5,000 on credit from
Kedai Abu Bakar.
12
Purchased a large freezer worth RM2,500 on credit from Seng Hek Sdn
Bhd.
16
Sold 150 bottles worth RM3,000 of fresh goat milk to Mek Sue on credit.
19
Issued cheque to Kedai Abu Bakar of RM3,000.
21
Raihan withdraw RM 500 cash for his personal use.
Mek Sue returned 20 bottles of fresh goat milk worth RM400 due to lack
of freshness.
22
23
Received cheque of RM2,000 for the sales of 100 bottles of fresh goat
milk.
25
Mek Sue paid the amount owed by cheque.
Purchased 500 bottles of fresh goat milk from Zack Goatie on credit at a
price of RM7,500 due to stock shortages.
26
31
Issued cheque of RM7,500 to Zack Goatie for full payments.
Required:
Classify the effects (increase or decrease) on assets, liabilities, revenues, expenses
or owner's equity for the above transactions.
b.
Show the accounts to be debited and credited for all of the transactions above.
State the appropriate books of prime entry for the transactions from 16 January 2018
to 31 January 2018.
5,
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