Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Below were transactions for the month of July 2020 for Mighty Moe Enterprise: *Please write the answer in Microsoft Excel form. Dates July 1 2
Below were transactions for the month of July 2020 for Mighty Moe Enterprise: *Please write the answer in Microsoft Excel form. Dates July 1 2 3 4 6 7 11 14 15 18 23 25 28 Transactions Started business with RM12,000 cash. Bought goods worth RM1,000 on credit from Shah. Paid rent amounting to RM200 in cash. Deposited RM11,000 of the business cash into the bank account. Sold goods worth RM600 on credit to Sofea. Bought stationery worth RM50 by cash. Cash sales of RM100. Returned goods worth RM150 to Shah. Sold goods worth RM1,200 on credit to Samad. Goods worth RM45 returned by Sofea. Paid RM850 to Shah by online banking. Purchased goods worth RM250 by cash. Received a cheque for RM500 from Samad. Required: (a) Analyse the effects of each transaction. (b) Prepare journal entries for each of the transactions. (c) Record the above transactions into ledgers. (d) Prepare a trial balance as at 31 July 2020
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started