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Record the effects of the following transactions which occurred in the first month of business on the Capital account for Jen Yie Lee, a renowned
Record the effects of the following transactions which occurred in the first month of business on the "Capital" account for Jen Yie Lee, a renowned lawyer in Malaysia. Use the account provided on the attached spreadsheet to record the transactions, conduct trial balance, income statement and the owner's equity section of the balance sheet. Transactions: 1. Jen Yie contributes RM 10,000 to her company bank account. Pays 2,500 in rent for office space for a month. 2. 3. 3,000. 4. Completes a legal service for a customer and receives a cheque for Completes a legal service for Sean Wong worth 4,000. Sean agrees to pay for the service within 30 days. 5. 6. 7. 88 8. 9. 10. 11. 12. Purchases 1,000 of office supplies, paid for in cash. Pays your wages of 1,500 for providing bookkeeping services. Pays for her internet and phone service for the month - 350 (paid by electronic funds transfer to Maxis). Pays 350 cash for an advertisement in the Malaysian Star. Sean Wong pays his debt by transferring 4000 to Jen Yie's business bank account. Completes a legal service for 2,000 cash. Jen Yie withdraws 500 cash from the business bank account for personal use. Jen Yie takes 100 worth of office supplies home for personal use. Calculate the Capital account balance at the end of the month
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