May 2021 1 D 2 3 5 7 12 14 17 20 23 25 31 (a) Effect on accounting equation Decrease Increase Assets Equity Assets. Assets Liabilities Assets Revenues Assets Equity Expenses Expenses Assets Liabilities Expenses Assets Assets Expenses Assets Assets Assets Assets Assets Assets Equity Assets Assets (b) Journal entries Debit(RM) Cash in Hand RM 50,000 Furniture RM 10,000 Computer RM 5,000 Cash at Bank RM 40,000 Inventory RM 7,000 Cash RM 15,000 Accounts Receivable RM 8,000 Electricity Expenses RM 300 Sales returns and allowances RM 500 Office Equipment RM 12,000 Advertising Expenses RM 2,500 Inventory RM 700 Drawings RM 1.000 Cash RM 7,300 Sales discount RM 200 Credit (RM) Owner's Capital RM 65.000 Cash in Hand RM 40,000 Accounts Payable RM 7,000 Sales RM 15,000 Sales RM 8,000 Cash at Bank RM 300 Accounts Receivable RM 500 Cash RM 6,000 Accounts Payable RM 6,000 Cash at Bank RM 2.500 Cash in Hand RM 700 Cash in Hand RM 1,000 Accounts Receivable RM 7,500

May 2021 1 D 2 3 5 7 12 14 17 20 23 25 31 (a) Effect on accounting equation Decrease Increase Assets Equity Assets. Assets Liabilities Assets Revenues Assets Equity Expenses Expenses Assets Liabilities Expenses Assets Assets Expenses Assets Assets Assets Assets Assets Assets Equity Assets Assets (b) Journal entries Debit(RM) Cash in Hand RM 50,000 Furniture RM 10,000 Computer RM 5,000 Cash at Bank RM 40,000 Inventory RM 7,000 Cash RM 15,000 Accounts Receivable RM 8,000 Electricity Expenses RM 300 Sales returns and allowances RM 500 Office Equipment RM 12,000 Advertising Expenses RM 2,500 Inventory RM 700 Drawings RM 1.000 Cash RM 7,300 Sales discount RM 200 Credit (RM) Owner's Capital RM 65.000 Cash in Hand RM 40,000 Accounts Payable RM 7,000 Sales RM 15,000 Sales RM 8,000 Cash at Bank RM 300 Accounts Receivable RM 500 Cash RM 6,000 Accounts Payable RM 6,000 Cash at Bank RM 2.500 Cash in Hand RM 700 Cash in Hand RM 1,000 Accounts Receivable RM 7,500

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter12: Fainancial Statement Analysis

Section: Chapter Questions

Problem 16MCQ

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