1. Prepare the journal entries, T accounts and Trial Balance 2. Prepare Income Statement and Balance Sheet

Johan Johari began professional practice as a system analyst on July 1, 2019. He plans to prepare a monthly financial statement. During the month of July, Johan Johari completed the transactions as follows:

July 1. Johan invested RM500,000 cash along with computer equipment that had a market value of RM120,000 two years ago but was now worth RM 100,000 only.

July 2. Paid RM15,000 cash for the rent of office space for the month.

July 4. Purchased RM12,000 of additional equipment on credit (due within 30 days).

July 8. Completed a work for a client and immediately collected the RM32,000 cash.

July 10. Completed work for a client and sent a bill for RM27,000 to be paid within 30 days.

July 12. Purchased additional equipment for RM8,000 in cash.

July 15. Paid an assistant RM6,200 cash as wages for 15 days.

July 18. Collected RM15,000 on the amount owed by the client.

July 25. Paid RM12,000 cash to settle the liability on the equipment purchased.

July 28. Owner withdrew RM500 cash for personal use.

July 30. Completed work for another client who paid only RM40,000 for 50% of the system design.

July 31. Paid salary of assistant RM700.

July 31. Received utility bill, RM1,800.

July 31. Received electricity bill RM 3,800.