2. Transfer the journal entry into the general ledger and related subsidiary ledger

Quickbooks Online Accounting
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Chapter10: Financial Statements And Reports
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Problem 4.7C
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2. Transfer the journal entry into the general ledger and related subsidiary ledger
3. Prepare a Trial Balance on 31 Jan 2021
Transcribed Image Text:2. Transfer the journal entry into the general ledger and related subsidiary ledger 3. Prepare a Trial Balance on 31 Jan 2021
The following are transactions obtained from Company A accounting records.
Jan 2021
1
1
2
3
4
5
6
8
10
10
10
11
12
13
14
15
19
22
22
26
26
26
26
29
30
31
Transactions
Start a business by bringing in the following assets as
capital:
Cash in hand
Cash in the bank.
Vehicle
Loan from the Bank has been approved amounting to
RM50,000 with an interest rate of 4% per annum for 5
years has been credited into the bank account.
Purchased furniture from Ellen's Furniture Store with
2,800 credit
Purchase of merchandise in cash
Sales in Cash
Purchase merchandise on credit from Champion
Supplier
Collection of merchandise for family use
Return of damaged goods to the Champion Supplier
Sales on credit to Lia Shop
Pay the Champion Supplier with a check
Discounts received from Champion Suppliers
Lia Shop returned the wrong brand of goods
Paying for promotional materials with a check
Receive cash from Lia Shop
Sales in cash
Purchase of merchandise on credit from Maiden Sdn
Bhd
Paying the cost of repairing the vehicle in cash
Paying the loan and the monthly interest rate
-Principle
-Interest
Paid shop rent with check
Sales in Cash
Pay electricity and water bills in cash
Pay telephone and internet bills in cash
Sales on credit at Syarikat Elma Sdn Bhd
Paying employee wages, EPF and Socso contributions
through banks as follows:
Salary
EPF
Socso
Withdrawal of cash by owner for own use
Buying merchandise from Champion Suppliers on
credit
Additional information:
1. The final stock balance is worth RM9,720
2. Depreciation rates for assets are:-
a. Vehicles -20% per year
b. Office equipment & furniture -20% per annum
c. Computer -20% per year
RM
5'000
25'000
18'000
50'000
2800
1200
850
6300
500
150
2600
5900
250
210
800
950
1700
6700
320
833
167
2500
2100
550
150
3500
5000
500
50
3000
3500
Transcribed Image Text:The following are transactions obtained from Company A accounting records. Jan 2021 1 1 2 3 4 5 6 8 10 10 10 11 12 13 14 15 19 22 22 26 26 26 26 29 30 31 Transactions Start a business by bringing in the following assets as capital: Cash in hand Cash in the bank. Vehicle Loan from the Bank has been approved amounting to RM50,000 with an interest rate of 4% per annum for 5 years has been credited into the bank account. Purchased furniture from Ellen's Furniture Store with 2,800 credit Purchase of merchandise in cash Sales in Cash Purchase merchandise on credit from Champion Supplier Collection of merchandise for family use Return of damaged goods to the Champion Supplier Sales on credit to Lia Shop Pay the Champion Supplier with a check Discounts received from Champion Suppliers Lia Shop returned the wrong brand of goods Paying for promotional materials with a check Receive cash from Lia Shop Sales in cash Purchase of merchandise on credit from Maiden Sdn Bhd Paying the cost of repairing the vehicle in cash Paying the loan and the monthly interest rate -Principle -Interest Paid shop rent with check Sales in Cash Pay electricity and water bills in cash Pay telephone and internet bills in cash Sales on credit at Syarikat Elma Sdn Bhd Paying employee wages, EPF and Socso contributions through banks as follows: Salary EPF Socso Withdrawal of cash by owner for own use Buying merchandise from Champion Suppliers on credit Additional information: 1. The final stock balance is worth RM9,720 2. Depreciation rates for assets are:- a. Vehicles -20% per year b. Office equipment & furniture -20% per annum c. Computer -20% per year RM 5'000 25'000 18'000 50'000 2800 1200 850 6300 500 150 2600 5900 250 210 800 950 1700 6700 320 833 167 2500 2100 550 150 3500 5000 500 50 3000 3500
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