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(a) Record the above transactions in the general journal. (b) Post the journal entries to the relevant accounts in the general ledger (T-account format), balance
(a) Record the above transactions in the general journal.
(b) Post the journal entries to the relevant accounts in the general ledger (T-account format), balance and close all the accounts including balance b/d as at 1/7/2020.
(c ) Prepare a Trial Balance as at 30 June 2020.
QUESTION 2 (25 MARKS) Mr. Lim started a business, Lim Lighting House, on 1st June 2020. During that month, he carried out the following transactions: June 1 2 3 4 11 13 20 30 Paid RM100,000 into the business bank account, of which one-fifth (1/5) was from his personal savings and the balance was a business loan from BIMB Bank. Rented a shop for a monthly rent of RM3,500, which was paid by cheque. Issued a cheque for RM800 to Blue Printshop for making the shop's signboard. Bought from DAX Sdn Bhd on credit: - - 800 units of table lamps at a price of RM50 per unit. 500 units of ceiling lights at a price of RM30 per unit. Note: Lim used periodic inventory system Sold 100 units of table lamps at RM100 each to Irfan. Received a cheque and deposited to business bank account. Paid administrative expenses of RM250 by cheque. Sold to Brian on credit: - 200 units of table lamps at a price of RM100 per unit. 100 units of ceiling lights at a price of RM60 per unit. Paid the following expenses from the business bank account: Wages RM3,500 Telephone RM500Step by Step Solution
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