Question
PLEASE HELP PLEASE I WILL GIVE GOOD RATING House of Bake is a business providing quality bakery ingredients and other baking needs such as utensils,
PLEASE HELP PLEASE I WILL GIVE GOOD RATING
House of Bake is a business providing quality bakery ingredients and other baking needs such as utensils, appliances and even reference books and magazines. Pn. Katrina, the owner, started the business on 1 October 2020 by investing cash at the bank RM45,000. The business uses the periodic inventory system to record the movement of its inventory. On 5 October 2020, she purchased a delivery van for business usage worth RM85,000 from Toyoda. A down payment of RM10,000 has been made by cheque, while the remaining amount will be paid on an installment basis beginning next month. On 8 October 2020, the business received an invoice for RM3,800 from Bakers Farm. The credit term was 3/15 net 25. Three days later, the business issued a debit note to Bakers Farm at RM800 for the wrong ingredients delivered. On 15 October 2020, Pn. Salina bought several baking ingredients from House of Bake and she paid RM650 cash.
On 18 October 2020, Pn.Katrina invests additional cash at the bank RM10,000 and a motor vehicle amounting to RM60,000 into the business. Other than that, on 19 October 2020, the business also paid for advertising amounting to RM1,000 by cheque. On the same day, the business also paid for electricity and water amounting to RM600 by cheque. On 20 October 2020, the business made a full settlement to Bakers Farm by cheque. On the same day, Pn. Katrina took bakery utensils worth RM550 as a present for her friends birthday. On 25 October 2020, the business received a commission for sales of books and magazines amounting to RM1,950 by cheque. On 30 October 2020, Pn. Katrina withdraws cash of RM1,200 to pay salary. Finally, on 31 October 2020 Pn. Katrina settled utility bills for the business of RM1,800 with her own money and also received cash of RM500 for rental income.
Required:
Show the effects of the above transactions based on the accounting equation in the form of a Tabular table as shown below.
Example:
January 1: Received cash RM200 for the rental income.
Date | Assets | = | Liabilities | + | Owners Equity | ||||||
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| Capital | - | Drawings | + | Revenue | - | Expenses |
Jan1 | + 400 |
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| +200 |
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