FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

Reporting Cash Flows
Reporting of cash flows means a statement of cash flow which is a financial statement. A cash flow statement is prepared by gathering all the data regarding inflows and outflows of a company. The cash flow statement includes cash inflows and outflows fro…
Balance Sheet
A balance sheet is an integral part of the set of financial statements of an organization that reports the assets, liabilities, equity (shareholding) capital, other short and long-term debts, along with other related items. A balance sheet is one of the …
Financial Statements
Financial statements are written records of an organization which provide a true and real picture of business activities. It shows the financial position and the operating performance of the company. It is prepared at the end of every financial cycle. It…
Owner's Capital
Before we begin to understand what Owner’s capital is and what Equity financing is to an organization, it is important to understand some basic accounting terminologies. A double-entry bookkeeping system Normal account balances are those which are expect…
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Question
17 Cash 101 490 Discount Allowed (2% x 500) 414 10 Account Receivable - Asher 112 500 (Received full payment from Asher and gave discount of 2%) 20 Cash 101 700 Service Revenue 401 700 (Completed a photography assignment and received cash) 25 Cash 101 500 Unearned Service Revenue 601 500 (Received deposit of booking photography assignment on 20 October 2020) 30 Wages 520 400 Cash 101 400 (Paid shop assistant's wages in cash) 31 Utility Expenses 522 300 Accrued Utility 540 300 (Record accrued utility) 31 Rent Expenses (800 x %) 521 400 Prepaid rent 313 400 (Adjustment on the prepaid rental) A) Post each transaction to ledger.
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Transcribed Image Text:17 Cash 101 490 Discount Allowed (2% x 500) 414 10 Account Receivable - Asher 112 500 (Received full payment from Asher and gave discount of 2%) 20 Cash 101 700 Service Revenue 401 700 (Completed a photography assignment and received cash) 25 Cash 101 500 Unearned Service Revenue 601 500 (Received deposit of booking photography assignment on 20 October 2020) 30 Wages 520 400 Cash 101 400 (Paid shop assistant's wages in cash) 31 Utility Expenses 522 300 Accrued Utility 540 300 (Record accrued utility) 31 Rent Expenses (800 x %) 521 400 Prepaid rent 313 400 (Adjustment on the prepaid rental) A) Post each transaction to ledger.
2.0 General Journal Date Account and explanation Ref | Debit (RM) Credit (RM) 2020 Cash 101 15000 August 1 Саpital 301 15000 (Started business with cash as capital) 1 Prepaid rent 510 800 Cash 101 800 (Paid rent for 2 month's with cash) 2 Supplies 516 1920 Account Payable - Moonlight 201 1920 Enterprise (Purchased supplies on credit from Moonlight Enterprise with credit term of 3/10, n/30) 5 Cash 101 150 Service Revenue 401 150 (Finished a few job for customer and collected cash) 6 Account Payable – Moonlight Enterprise 201 120 Return Outwards 512 120 (Reccived a credit memo from Moonlight Enterprise for the return of damage supplies) 8 Account Receivable - Asher 112 500 Service Revenue 401 500 (Finished a photography assignment for Asher on credit with credit terms of 2/10, n/30) 11 Account Payable – Moonlight Enterprise 201 1800 (1920-120) Discount Received (1800 x 3%) 514 54 Cash (1800-54) 101 1746 16 Drawings 302 200 Cash 101 200 (The owner withdrew cash for personal use) 17 Cash 101 490 Discount Allowed (2% x 500) 414 10 Account Receivable - Asher 112 500 (Received full payment from Asher and gave discount of 2%)
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Transcribed Image Text:2.0 General Journal Date Account and explanation Ref | Debit (RM) Credit (RM) 2020 Cash 101 15000 August 1 Саpital 301 15000 (Started business with cash as capital) 1 Prepaid rent 510 800 Cash 101 800 (Paid rent for 2 month's with cash) 2 Supplies 516 1920 Account Payable - Moonlight 201 1920 Enterprise (Purchased supplies on credit from Moonlight Enterprise with credit term of 3/10, n/30) 5 Cash 101 150 Service Revenue 401 150 (Finished a few job for customer and collected cash) 6 Account Payable – Moonlight Enterprise 201 120 Return Outwards 512 120 (Reccived a credit memo from Moonlight Enterprise for the return of damage supplies) 8 Account Receivable - Asher 112 500 Service Revenue 401 500 (Finished a photography assignment for Asher on credit with credit terms of 2/10, n/30) 11 Account Payable – Moonlight Enterprise 201 1800 (1920-120) Discount Received (1800 x 3%) 514 54 Cash (1800-54) 101 1746 16 Drawings 302 200 Cash 101 200 (The owner withdrew cash for personal use) 17 Cash 101 490 Discount Allowed (2% x 500) 414 10 Account Receivable - Asher 112 500 (Received full payment from Asher and gave discount of 2%)
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