On 1 July 2022. Andrew established a Gold Shop. Andrew completed the following transactions during July....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On 1 July 2022. Andrew established a Gold Shop. Andrew completed the following transactions during July. a) Opened a business bank account with a deposit of RM25,000 from personal funds. b) Purchased office supplies on account of RM1,850. c) Paid creditor on account of RM1,200. d) Eamed sales commission and received cash of RM41,500. e) Paid rent on office and equipment for the month RM3,600 f) Withdrew cash for personal use RM4,000. g) Paid automobile expenses (including rental charge) for month RM3,050 and miscellaneous expenses RM1,600. h) Paid office salaries RM5,000. i) Determined the cost of supplies on hand was RM950; therefore, the cost of supplies used was RM900. INSTRUCTION: Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: On 1 July 2022. Andrew established a Gold Shop. Andrew completed the following transactions during July. a) Opened a business bank account with a deposit of RM25,000 from personal funds. b) Purchased office supplies on account of RM1,850. c) Paid creditor on account of RM1,200. d) Eamed sales commission and received cash of RM41,500. e) Paid rent on office and equipment for the month RM3,600 f) Withdrew cash for personal use RM4,000. g) Paid automobile expenses (including rental charge) for month RM3,050 and miscellaneous expenses RM1,600. h) Paid office salaries RM5,000. i) Determined the cost of supplies on hand was RM950; therefore, the cost of supplies used was RM900. INSTRUCTION: Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings:
Expert Answer:
Answer rating: 100% (QA)
The Answer is Option 4 which is It concentrates on seeking aspects of operations in which waste w... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Which of the following best describes the difference between a variable life policy and a universal life policy? a. Variable life has a variable death benefit and universal life has a fixed death...
-
Which of the following best describes earnings quality? Multiple Choice The correlation between current year earnings and historical earnings The ability of reported earnings to predict a companys...
-
Which one of the following best describes the total amount of heat required to change 500 g of solid water (ice) at 000 C to liquid water at 250 C Hint Consider both steps, the phase change and...
-
Label all the bars in the truss of Figure 4.13 that are unstressed when the 60-kip load acts. Figure 4.13 60 kips B 0 MOL K J D 180 kips E - F G H 120 kips
-
What is the difference between writing a covered and a naked call option?
-
What is trade financing?
-
Find the eigenvalue(s) and eigenvector(s) for the following: a. \(\left(\begin{array}{ll}4 & 2 \\ 3 & 3\end{array} ight)\) b. \(\left(\begin{array}{ll}3 & -5 \\ 1 & -1\end{array} ight)\) c....
-
Jasmine Park encountered her boss, Rick Gompers, at the pop machine in the lobby. Rick is the vice president of marketing at Down South Lures Corporation. Jasmine was puzzled by some calculations she...
-
Handout 1-1 CLASSIC UPHOLSTERY SHOP Tyler Smith had worked in an upholstery shop for 10 years. Last year, Tyler's wages were $20,000. Lately, Tyler had been unhappy with the shop's owner. Convinced...
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
6.12 Casper Landsten-CIA (A). Casper Landsten is a foreign exchange trader for a bank in New York. He has $1 million (or its Swiss franc equivalent) for a short-term money market investment and...
-
Assume that A limited paid a dividend of26.9 cents per share just recently. The shares currently sell for $10.3. You also estimate that the dividend will grow steadily at 2.1 % per year into the...
-
In a company presentation, you are informed about the following: Cash burn is $ 7 8 5 , 0 0 0 Cash build is $ 6 5 0 , 0 0 0 Cash balance on the balance sheet is $ 4 0 0 , 0 0 0 . How many months is...
-
emoti gniwallat Listed below are year-end account balances ($ in millions) taken from the records of Symphony Stores. Accounts receivable Building and equipment Debit Credit $ 710 920 Cash Interest...
-
Industry: Education Indusry I need below mentioned question for the Education indusry. 1)Risk Assessment: This section should describe the process of risk assessment, including how risks are...
-
Case 7.3 Harvard management professor Linda Hill led a team of researchers on a decade- long study of exceptional leaders of innovation. The team studied a select group of 16 men and women from a...
-
Work in Process-Refining Department Debit March 1 balance Materials Direct labor Overhead March 31 balance 34,300 Credit Completed and transferred to Blending 147,600 79,200 488,000 2 The March 1...
-
Drainee purchases direct materials each month. Its payment history shows that 65% is paid in the month of purchase with the remaining balance paid the month after purchase. Prepare a cash payment...
-
How is Maslow's hierarchy of needs related to income?
-
What are the advantages of leasing over purchasing in general?
-
The investment portfolio for a defined benefit retirement plan has declined in value during a year in which most financial market investments have incurred losses. Which one of the following entities...
-
B Arkwright started in business on 1 January 19X5 with 10,000 in a bank account. Unfortunately he did not keep proper books of account. He is forced to submit a calculation of profit for the year...
-
A J Kirkwood is a dealer who has not kept proper books of account. At 31 August 19X6 his state of affairs was as follows: During the year to 31 August 19X7 his drawings amounted to 7,560. Winnings...
-
25.4 P Balance Sheet as at 31 December 19X5 Investment in S: 30,000 shares bought 31.12.19X4 53,400 Fixed assets 60,000 Less Depreciation for year 6,000 54,000 Current assets 10,600 118,000 Share...
Study smarter with the SolutionInn App