ASSIGNMENT 2: (CLO2) Farhad started a business named Farhad Legal Solution (FLS) offers legal services on 1 December 2023. The following are transactions that occurred during December 2023: 1. Farhad brought in RM50,000 cash into the business. 2. Farhad bought a car for his use worth RM112,000 cash using the company's money. 3. FLS provided legal services to a client worth RM7,000 and received cash from the client. 4. FLS purchased office supplies worth RM2,000 cash. 5. FLS paid RM700 cash for advertising expenses for December 2023. 6. FLS sent a bill totalling RM5,000 to a client for the legal service provided and is yet to receive payment. 7. FLS received RM3,000 cash as an agreement to start work as a legal advisor for a company starting January 2024. 8. FLS paid RM3,600 cash for employees' salaries. 9. FLS paid RM2,400 cash for the December office rental. Based on the above information, you are required to prepare the journal entries to record all transactions. a)
ASSIGNMENT 2: (CLO2) Farhad started a business named Farhad Legal Solution (FLS) offers legal services on 1 December 2023. The following are transactions that occurred during December 2023: 1. Farhad brought in RM50,000 cash into the business. 2. Farhad bought a car for his use worth RM112,000 cash using the company's money. 3. FLS provided legal services to a client worth RM7,000 and received cash from the client. 4. FLS purchased office supplies worth RM2,000 cash. 5. FLS paid RM700 cash for advertising expenses for December 2023. 6. FLS sent a bill totalling RM5,000 to a client for the legal service provided and is yet to receive payment. 7. FLS received RM3,000 cash as an agreement to start work as a legal advisor for a company starting January 2024. 8. FLS paid RM3,600 cash for employees' salaries. 9. FLS paid RM2,400 cash for the December office rental. Based on the above information, you are required to prepare the journal entries to record all transactions. a)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
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 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.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