Very Urgent

QUESTION 1 Mr Freddy, a sole trader, started his business on 1 May 2019 under the name of Freddy Enterprise. The following are his business transactions for the month of May. (a) Mr Freddy brought in cash RM50,000 and a used motor van valued at RM25,000 for business purposes (b) Opened a business current account at Excel Commerce Berhad and banked in RM45,000 cash. (c) Paid rental RM1,000 by cheque. (d) Purchased office equipment from Monster Bhd for RM5,500 paying RM3,000 in cash. (e) Paid office rent RM900 by cheque. (1) Paid RM1,000 cash on account for office equipment purchased in transaction (d). (E) RM500 cash was paid in advance for advertising (h) Paid office salaries by cheque RM3,000 (1) Mr Freddy withdrew RM1,000 cash for own use. (1) Received commission RM750 by cheque. You are required: (0) For each of the above transactions, state the accounts to be debited and credited. (20 marks) (10) Explain the term double entry. (2 marks) (1) Distinguish between revenues and expenses. (3 marks) (Total: 25 marks)