Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Part C: Accounting Worksheet (26 marks) The following business transactions are related to Baron for his first month of business operations in August 2021:

image text in transcribed

Part C: Accounting Worksheet (26 marks) The following business transactions are related to Baron for his first month of business operations in August 2021: 2021 August 1 Required: 2 4 7 9 Commenced business operations with a RM300,000 cash injection of personal funds. Paid monthly rent RM1,500. Purchased office stationery RM2,000 on credit from Stationery Plus Sdn Bhd. Purchased office equipment on credit from Supplies Bhd worth RM10,000. Invoice Mutu for services rendered RM3,000. 13 Mutu paid the amount outstanding for the above invoice. 14 Met with prospective client and negotiated the provision of financial advice for client and family quoting RM5,000. 17 Paid monthly car parking permit RM220. 19 Withdrew cash from business amounted to RM2,000 for personal use. 22 Paid WWW Bhd for monthly internet use RM182 a. Fill up the accounting worksheet below for the month of August 2021 from the above information. Date August 2021 Cash Accounts Receivable Office Creditor Capital Profit and loss Equipment Total b. What is the profit or loss that Baron made for the month of August 2021? What is the cash balance at the end of August 2021?

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

Governmental and Nonprofit Accounting

Authors: Robert Freeman, Craig Shoulders, Gregory Allison, Robert Smi

10th edition

132751267, 978-0132751261

More Books

Students also viewed these Accounting questions

Question

How has health psychology expanded into traditional health fields?

Answered: 1 week ago