Question
QUESTION 1 (20 marks) KMI Company had the following transactions during November: Nov 1: Deposit RM100,000 in cash to start the business. Nov 5: Borrowed
QUESTION 1 (20 marks)
- KMI Company had the following transactions during November:
- Nov 1: Deposit RM100,000 in cash to start the business.
- Nov 5: Borrowed RM50,000 from the bank by signing a note payable.
- Nov 10: Purchase equipment by paying cash for RM25,000.
- Nov 15: Paid November rent of RM2,400 for the office space
- Nov 18: Performed services for customers and received cash immediately for RM8,000.
- Nov 20: Purchased RM2,000 in supplies on account.
Required:
- Prepare a transaction analysis for the November transactions using the follow format. Remember to prove the accounting equation at the end.
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| Assets | Liability | Equity | Revenue | Expense | |||
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Date |
Cash |
Supplies |
Equipment | Accounts Payable | Notes Payable | Owners Equity | Service Revenue | Rent Expense |
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Beating The Finacial Futures Market 2023 Deluxe Edition Almanac
Authors: Art Collins
1st Edition
979-8375310534
