Question
Prepare journal entries for each of the transactions below: i. Invested cash of RM15,000 into the business. ii. Purchased RM3,000 of equipment on credit. iii.
Prepare journal entries for each of the transactions below:
i. Invested cash of RM15,000 into the business.
ii. Purchased RM3,000 of equipment on credit.
iii. Paid RM1,500 cash for this months rent.
iv. Purchased on credit RM4,000 of supplies to be used next month.
v. Billed RM6,500 to customers for repairs made to date.
vi. Paid cash for one-half of the amount owing in transaction iv.
vii. Collected RM2,500 of the amount billed in transaction v.
viii. Sold one-half of the equipment purchased in transaction ii above for RM1,000 in cash.
ix. Withdrew RM500 for the owners personal use.
x. Purchased RM1,700 inventories on credit (periodic inventory system).
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