The following transactions are extracted from the accounting records of Transwell Services for the month of October 2018: Oct. 1. The owner, Maria, invested RM50,000 cash and office equipment worth RM5,000 into the business. 2. Paid RM6,000 rent for the next three months. 3. Paid for a one-year insurance policy, RM2,400. 5. Purchased office supplies of RM2,500 on credit. 6. Paid RM1,200 for promotion purposes. 10. Provided services for a client and received cash, RM2,800. 13. Provided services on credit for Else Enterprise, RM3,200. 17. Signed a contract with a client. Transwell Services agreed to provide services at a con- tract price of RM5,000. The work will start in October 2018. 24. Paid utility bills for the current month using the business's money; RM850 for Tran-

The following transactions are extracted from the accounting records of Transwell Services for the month of October 2018: Oct. 1. The owner, Maria, invested RM50,000 cash and office equipment worth RM5,000 into the business. 2. Paid RM6,000 rent for the next three months. 3. Paid for a one-year insurance policy, RM2,400. 5. Purchased office supplies of RM2,500 on credit. 6. Paid RM1,200 for promotion purposes. 10. Provided services for a client and received cash, RM2,800. 13. Provided services on credit for Else Enterprise, RM3,200. 17. Signed a contract with a client. Transwell Services agreed to provide services at a con- tract price of RM5,000. The work will start in October 2018. 24. Paid utility bills for the current month using the business's money; RM850 for Tran-

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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