Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ASSIGNMENT 1 : (CLO 1) Adam Harris started a new business called Jom Cetak Sdn. Bhd, which provides printing services, on 1 April 2021.

image text in transcribedimage text in transcribedimage text in transcribed

ASSIGNMENT 1 : (CLO 1) Adam Harris started a new business called Jom Cetak Sdn. Bhd, which provides printing services, on 1 April 2021. The following is a list of the business's transactions for April 2021: i) Adam Harris made an RM200,000 cash investment in the company. ii) Jom Cetak paid RM450,000 for a piece of land and a building. The company made a cash payment of RM165,000 and signed a note payable for the remainder. iii) Jom Cetak purchased office equipment from Wow Interiors Sdn. Bhd. for RM30,000. The company made a cash payment of RM17,000 and agreed to pay the balance within 60 days. iv) Jom Cetak purchased a motorcycle on credit for RM3,400 from Motorex Sdn. Bhd. The motorcycle is to be used for customer deliveries. The company agreed to pay Motorex Sdn. Bhd. within ten days. v) Jom Cetak completed payment on the account payable to Motorex Sdn. Bhd. vi) Jom Cetak obtained an RM30,000 loan from Bank Kaya and signed a six-month note payable. Based on the above information, you are required to: a) Show the effects of all the above transactions in the accounting equation (8) b) Prepare the journal entries to record all the transactions (12) [Total: 20 marks]

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_2

Step: 3

blur-text-image_3

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

Core Concepts of Government and Not For Profit Accounting

Authors: Michael H. Granof, Penelope S. Wardlow

2nd edition

471737925, 978-0-470-4605, 978-0471737926

More Books

Students also viewed these Accounting questions

Question

Verify eqs. (36.14) (36.17)

Answered: 1 week ago