Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Lily started her business, Cutie Cafe on 1st September 2020. Transactions for September 2020 were as below: September 1 Started her business with RM22,000 cash.

image text in transcribed
Lily started her business, Cutie Cafe on 1st September 2020. Transactions for September 2020 were as below: September 1 Started her business with RM22,000 cash. 2 Lily purchased cafe supplies in cash for RM5,650. 16 Purchased furniture for RM10,200. Lily paid cash RM5,000 and the balance was on credit. 27 Performed service for a company's high tea event for RM12,000. Lily received RM8,000 in cash and the balance will be on account. Required: Fill in the empty box inside tabular analysis of Lily's business provided in the template below. You are NOT required to show the total amount for assets, liabilities and owner's equity. A B E IE Assets (RM) = Liability + Owner's (RM) Equity (RM) Date Cash Account Cafe Cafe Furniture Account Capital receivable supplies equipment payable

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

Step: 3

blur-text-image

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

Financial Accounting

Authors: David Spiceland, Wayne M. Thomas, Don Herrmann

5th edition

1259914895, 978-1259914898

Students also viewed these Accounting questions