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Dear tutor, please answer all the question below. Maisara invested RM90,000 cash to start her business, Maisarah Collections, in December 2019. She bought equipment for
Dear tutor, please answer all the question below.
Maisara invested RM90,000 cash to start her business, Maisarah Collections, in December 2019. She bought equipment for the business use valued RM32,000 on loan and supplies costing RM5,000 cash. During the month, December, she paid RM8,000 cash for salary expense, RM3,000 cash for rental expense, RM1,000 cash for utilities expense. During the month also, cash sales is RM25,000, while her credit sales amounted to RM5,000 where bills has been issued to the credit customers and no payment is received as yet. a) Maisara should consider the generally accepted accounting principles in recording her business transactions above. Identify FOUR (4) generally accepted accounting principles and explain relating to Maisara Collections business situations above. (2 marks) b) Using T-accounts to arrive to accounts balance, show trial balance for Maisara Collections for the December 2019 business transactions. (5 marks) c) Describe which attitude should Maisara has as business owner in ensuring good financial management and going concern of her businessStep by Step Solution
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