Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

0.07K/s ill 40 150% 9:11 AM K ACCT 1002 Mid... Instruction: There is TWO (2) questions. Answer ALL Questions. Question 1: (PLOI, CLO2) (45 marks)

image text in transcribed

0.07K/s ill 40 150% 9:11 AM K ACCT 1002 Mid... Instruction: There is TWO (2) questions. Answer ALL Questions. Question 1: (PLOI, CLO2) (45 marks) Tameera opened a business consultation office, TBC Consultation (TBC) on 1 January 2019. During the first month of operations, the business completed the following transactions. January 2019. 1 Tameera contributed RM62,000 cash into the business. The business gives capital to Tameera 2 Purchased from Fortune Resources, the office supplies RM500 by cash and furniture RM2,000 on account. 4 Performed consultation services to A.J. Enterprise. TBC charged RM1,600 for the services provided. A.J Enterprise paid RM600 by cash and the remaining balance will be paid on 25 January 2019. 7 Purchased a land and building with market value RM499,000. The business paid RM49,900 by cash, and signed a notes payable to the bank for the remaining balance. (Notes payable is an agreement to pay to the fund provider/bank) 11 Prepared a consultation documents to NetTime Agency on account, RM3,000. Performed a marketing and advertising consultation to IQ Brilliant and received RM2,150 cash 15 Paid Fortune Resources RM800, by cash 17 Received bill for utilities RM1,200. The bill will be paid next month (on 3 February) 25 Received RM500 from A.J. Enterprise 28 Paid the following expenses. Staff salaries RM2,500 Advertising RM750 Internet and telecommunication bill RM450 31 Tameera brought in her personal computer as capital to TBC. The value of the computer, RM2,500. Requirement: a) Journalize the transactions b) Post the transactions to t account and balance off (close) the accounts c) Prepare Trial Balance as at 31 January 2019. (15 marks) (20 marks) (10 marks) 2

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Organisational Change Audit

Authors: Ralph Houston

1st Edition

1907766014, 978-1907766015

More Books

Students also viewed these Accounting questions