Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1 Muhamad Amin Idris began business as Amin & Co. on October 2021. The following transactions occurred during the month. 1 Amin invested RM15,000 cash

1 Muhamad Amin Idris began business as Amin & Co. on October 2021. The following transactions occurred during the month. 1 Amin invested RM15,000 cash in his business. 1 Purchased RM7,500 of office equipment from Irma Hasmie Enterprise on credit. 10 Completed legal work for a client and received RM1,500 cash in full payment. 15 Paid Irma Hasmie Enterprise RM3,500 cash in partial settlement of the amount owed. 20 Completed RM4,000 of legal work for a client, Syafik on credit. 21 Paid cash RM150 for his business card and record as utility expenses 22 Completed legal work for a client and received RM5,500 cash in full payment 25 Amin withdrew RM2,000 cash for personal use. 26 Received RM2,500 cash as partial payment for the legal work completed for the previous client, Syafik. 30 Paid RM300 for electricity bills 30 Paid RM2,500 cash for the legal secretary's salary. REQUIRED: a) Journalize the above transactions. (Narration is not required) b) Show the necessary ledger accounts c) Prepare a trial balance as at 31 October 2021

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

Step: 3

blur-text-image

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

Management Accounting A Decision Emphasis

Authors: Don T. DeCoster, Eldon L. Schafer, Mary T. Ziebell

4th Edition

0471637130, 978-0471637134

More Books

Students also viewed these Accounting questions

Question

Describe obsessive-compulsive disorder.

Answered: 1 week ago