Question
1. Record the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transaction. Shareholders invested RM32,000
1. Record the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transaction. |
- Shareholders invested RM32,000 cash and equipment valued at RM14,000 in the business.
- Hired a secretary-receptionist at a salary of RM350 per week payable monthly.
- Purchased supplies on account RM700.
- Paid office rent of RM600 for the month.
- Completed a tax assignment and billed client RM1,100 for services provided.
- Received RM3,200 advance on a management consulting engagement.
- Received cash of RM2,300 for services completed for XYZ Co.
- Paid insurance expense RM450.
- Paid salaries RM1,160 for the month.
- Account of supplies indicated that RM1200 of supplies had been used.
- Purchased a new computer for RM6,100 with personal funds. (The computer will be used exclusively for business purposes.)
Required:
Journalize the transactions in the general journal. (Omit explanations.)
2. The following accounts are taken from the ledger of Bukhary Enterprise at December 31, 2019.
Accounts Payable 9,000 Accounts Receivable 3,000 Cash 8,800 Equipment 17,000
Share Capital-Ordinary 20,000 Dividends 1,200 Service Revenue 8,000 Salaries and Wages Expense 6,000 Utilities Expense 1,000
Required:
Prepare a trial balance in proper form for Bukhary enterprise at December 31, 2019.
3. The ledger of Maju Enterprise on January 31, 2020, includes the following selected accounts before adjusting entries.
Account | Debit | Credit |
Prepaid Insurance | 2,400 |
|
Supplies | 1,500 |
|
Equipment | 30,000 |
|
Accumulated DepreciationEquipment |
| 5,000 |
Unearned Service Revenue |
| 6,000 |
Salaries Expense | 10,000 |
|
An analysis of the accounts shows the following:
1. Insurance expires at the rate of RM 200 per month.
2. Supplies on hand total RM 500.
3. The equipment depreciates RM 150 per month.
4. Half (1/2) of the unearned revenue was earned in January.
Required:
Prepare the adjusting entries for the month of January
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