Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Mr. Hadiff is the owner of Clean N' Clear Sdn Bhd, a self-service laundry company at Varsity Mall, University Utara Malaysia. Student response to the

image text in transcribed

Mr. Hadiff is the owner of Clean N' Clear Sdn Bhd, a self-service laundry company at Varsity Mall, University Utara Malaysia. Student response to the laundry service is very encouraging. To further expand his business, Mr. Hadiff has added capital and laundry equipment. Below is a list of transactions that took place throughout the month of September 2022. September 2025 1 Mr. Hadiff added capital to his business in the form of cash RM125,000 and laundry equipment RM150,000. 2 Purchased laundry equipment on credit, RM60,000. 3 The company bought a van costing RM80,000. The company pays a 10% cash deposit, while the balance is paid using bank financing for 7 years. 16 Collected laundry proceeds of RM18,000. 20 Paying 40% of the laundry equipment debt purchased on September 2, 2022. 27 Paying in cash employees' wages, laundry supplies and utility bills, respectively RM12,000, RM5,000 and RM11,000. 29 Make the first payment of RM1,000 to the bank for the van to be purchased on 3 September 2022. 30 Mr. Hadiff took RM2,000 in cash from the company account for personal use. Additional information: Cash account balance on 1 September 2022 is RM35,000. REQUIRED: (a) Prepare journal entries for transactions throughout the month of September 2022 (Explanation not required). (22 Marks) (b) Prepare a Cash Account and determine the balance at the end of September 2022. Use the format below

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

Market Audit And Analysis

Authors: Nicole Lorat

1st Edition

3640438892, 978-3640438891

More Books

Students also viewed these Accounting questions

Question

Carry out an interview and review its success.

Answered: 1 week ago