Prepare journal entries to record transactions that occurred in January and February 2021.

ANSWERS MUST BE TYPEDDD

(21 MARKS)

Nano-Miracle Beauty Sdn Bhd is a business based on skin beauty services and consulting. The business was established in January 2021. The following are the transactions that took place in the first two months of 2021. Date Business January 1 Miss Cindy, the business owner, brought in a cash capital of RM650,000 and four skin beauty machines worth RM480,000 into her business. 2 Purchased an insurance policy for a year for RM24,000 and paid in cash. 5 Purchased office supplies worth RM8,500 in cash. 15 Spend RM5,000 cash for business advertising purposes. 30 Pay cash for premise rental expenses and utility expenses of RM1,150 and RM750 respectively. February 2 Hiring 2 employees to carry out office work. 5 Provide facial cleansing services worth RM1,500 to some customers in cash. 10 Received an offer from the Youth Entrepreneur Training Center to hold a facial cleansing workshop for course participants. This workshop was held for 2 days, namely 10 and 11 February 2021 and the total fee charged to the Youth Entrepreneur Training Center is RM25,600 and the payment terms are cash. 15 Agreed to provide beauty consulting services to final year students at a public educational institution in preparation for stepping into the world of work. This consultation service will be held in July 2021. The institution has paid the full fee of RM18,000. 27 Miss Cindy made a cash withdrawal of RM10,000 for personal use. 28 Pay cash for premise rental expenses and salary expenses of RM1,150 and RM3,500 respectively. Obtained utility bills for February from TNB and the Water Supply Company amounting to RM1,500. This bill was paid in March