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Ali started a business consultation company under name of (Smart) at 1+ November 2019. Following transactions happened during the financial year ends at 31* December
Ali started a business consultation company under name of (Smart) at 1+ November 2019. Following transactions happened during the financial year ends at 31* December 2019. 1 Nov 5 Nov 7 Nov 15 Nov 20 Nov 25 Nov 28 Nov 30 Nov 2 Dec 25 Dec Sold amount of RM 50,000.00 common stock cash, to open the business. Bought equipment cash amount of RM 13,000.00 Performed consultation services for customer amount of RM 20,000.00 received half of the amount cash and other half customer promised to pay within a week. Get a loan from RHB amount of RM 20,000.00. the amount credited to the company bank account at the same day Issued invoice for its customer for consultation services performed, amount of RM 1,500.00 Ali visited furniture shop, he bought Furniture for the office amount of RM 3,000.00 and RM 2,200.00 furniture for his home on account and asked to send the invoice to his shop as he promised to pay within a month. Bought insurance for the business amount of RM 3,000.00 paid cash, this amount is for 6 months insurance coverage starting from 1 Jan 2020. Paid November salaries amount of RM 3,600.00 cash. The customer paid the issued invoice dated 20 Nov cash. Paid the furniture shop balance by cheque. 29 Dec Ali signed a contract to provide consultation services starting from Jan 2020, and collected cash in advance amount of RM 4,000.00. Requirements: 1- For each transaction do the general journal posting. (26 marks
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