Mastura has just started her printing business, MAS CETAK ENTERPRISE in October 202 The following transactions occurred in the first month of the business operation: May Transactions 1 Mastura invests RM105,000 cash to start the business. Purchased three pieces of equipment for RM135,000, paying RM45,000 cash and signing a 5-year, 10% note for the remainder. Purchased RM7,500 supplies on credit. Received cash amounted to RM4,500 for services performed. 15 Paid RM750 cash for radio advertising. 17 Paid RM1.00 on account for supplies purchased 3rd May. 2.

Mastura has just started her printing business, MAS CETAK ENTERPRISE in October 202 The following transactions occurred in the first month of the business operation: May Transactions 1 Mastura invests RM105,000 cash to start the business. Purchased three pieces of equipment for RM135,000, paying RM45,000 cash and signing a 5-year, 10% note for the remainder. Purchased RM7,500 supplies on credit. Received cash amounted to RM4,500 for services performed. 15 Paid RM750 cash for radio advertising. 17 Paid RM1.00 on account for supplies purchased 3rd May. 2.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Discuss the types of books of original entry. Describe how the accounting information flow from the invoice,ledger and to general ledger. Explain the importance of the books of original entry.
Accounts receivable's subsidiary ledger should have a total of all accounts
Explain the relationship between the balance in the account payable general ledger control account and accounts payable subsidiary ledger.
Identify the items from the following list that are likely to serve as source documents. Item a. Sales receipt b. Liability accounts c. Balance sheet d. Ledger e. Bank statement f. General journal g. Income statement h. Telephone bill i. Credit card receipt Is this a source document?
An accounting clerk would take first which of the following steps? A. Post individual amounts to the subsidiary ledgers. B. File source documents C. Journalize the business transaction D. Post to the general ledgers.
From the financial transactions in c, prepare the pro-forma templates for the following:i. Journal entriesii. Ledger accountsiii. Trial balance