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QUESTION 1 M-Storm Electrical Trading started its business on 1 January 2022. The following transactions took place in the first month of its operation. January
QUESTION 1 M-Storm Electrical Trading started its business on 1 January 2022. The following transactions took place in the first month of its operation. January 1 The owner Mr.Storm invested cash of RM80,000 into the business, 2 The business opened up a current bank account in MyBank Bhd by depositing RM50,000 cash of the business money. 5 Purchase office furniture costing RM10,000 on credit from RaiDeco Mart. 6 Bought goods amounting RM12,000 by cash from SmartSafe Trading. 8 Sold goods to Azu by cash RM1,500. 12 Mr.Storm brought in his personal used motor van for the business's use. The motor van was valued at RM42,000. 14 The owner also contributed additional capital of RM2,000 into the bank account 15 Mr.Storm took an electrical dough mixer worth RM200 for his personal use. 18 Sold goods to Narz on credit amounted to RM1,400. 20 Cash payment was made to RaiDeco to settle half the amount of debt related to the transaction on 5 September. 21 A customer, Narz, returned some damaged goods amounted to RM380 purchased on 18 September, 30 Paid salaries amounting to RM3,200 by cheque. Required: Prepare journal entries to record the above transactions
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