Question
TASK 1 : 1. Hani owns a consulting firm named Hani Consultancy on January 2019. The following transactions occurred during the month of January 2019.
TASK 1 : 1. Hani owns a consulting firm named Hani Consultancy on January 2019. The following transactions occurred during the month of January 2019. January Transactions 1 Lina invested RM50,000 cash in the business. 2 Paid office rental for the month for RM6000. 3 Purchased supplies worth RM4000 on account. 5 Paid RM300 for advertisement purposes in a newspaper. 7 Interviewed candidates for job vacancy with monthly salary of RM2,700. 9 Received RM27,000 cash for services provided. 12 Office renovation cost RM5,300 paid by cash. 15 Received service revenue RM4,500 on account. 16 Paid for insurance RM1,200. 17 Paid staff salaries for RM5,600 using cash. 20 Supplies purchased on 3 January are fully paid with cash. 23 Received service revenue amounting to RM7,300 on credit. 26 Borrowed RM300,000 long-term loan from MBB Bank. 29 Purchased office equipment for RM30,000 on account using notes payable. 30 Paid utilities for RM2,200. Required: Show the effects of the above transactions based on the accounting equation in the form of Tabular table as shown below. Assets Liabilities + Owners Equity Date Cash Accounts receivable Supplies Office equipment = Long-term loan Accounts payable Notes payable Revenue - (expenses) (Total: 15 marks)
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