Mr Cooper started up his business, Cooper Enterprise. The transactions for the first year are as...
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Mr Cooper started up his business, Cooper Enterprise. The transactions for the first year are as follows: Jan 1: Owner invested RM20,000 cash and deposited the money into the business bank account. Jan 3: Purchased a second hand delivery van for RM10,000 for business use on credit from NCB Sdn Bhd. Jan 4: Paid monthly rental of RM1,500. Jan 5: Bought goods from Maximus Trading worth RM5,000 on credit. Jan 10: Sold goods to Nik Trading worth RM8,000 on credit. Jan 15: Received RM1,200 payment from Nik Trading for goods sold. Jan 17: Nik Trading returned defective goods amounting RM500. Feb 5: Purchased a computer for RM1,200 for business use. Feb 10: Settled the account with Maximus Trading. Feb 20: Paid RM300 in utility expenses. Mar 2: Received a loan of RM10,000 from a bank. Mar 10: Purchased goods from PM Sdn Bhd for RM4,000 on credit.. Mar 15: Sold RM6,000 worth of inventory and received online transfer. *Remark: All transactions are made through bank. Required: For each of the transactions: a) Prepare journal entry, and b) Post the entries to the ledger, and c) Prepare a trial balance for Cooper Enterprise as at 31 Dec 2022 Mr Cooper started up his business, Cooper Enterprise. The transactions for the first year are as follows: Jan 1: Owner invested RM20,000 cash and deposited the money into the business bank account. Jan 3: Purchased a second hand delivery van for RM10,000 for business use on credit from NCB Sdn Bhd. Jan 4: Paid monthly rental of RM1,500. Jan 5: Bought goods from Maximus Trading worth RM5,000 on credit. Jan 10: Sold goods to Nik Trading worth RM8,000 on credit. Jan 15: Received RM1,200 payment from Nik Trading for goods sold. Jan 17: Nik Trading returned defective goods amounting RM500. Feb 5: Purchased a computer for RM1,200 for business use. Feb 10: Settled the account with Maximus Trading. Feb 20: Paid RM300 in utility expenses. Mar 2: Received a loan of RM10,000 from a bank. Mar 10: Purchased goods from PM Sdn Bhd for RM4,000 on credit.. Mar 15: Sold RM6,000 worth of inventory and received online transfer. *Remark: All transactions are made through bank. Required: For each of the transactions: a) Prepare journal entry, and b) Post the entries to the ledger, and c) Prepare a trial balance for Cooper Enterprise as at 31 Dec 2022
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Based on the information provided lets prepare the journal entries post them to the ledger and prepare a trial balance for Cooper Enterprise as at 31 Dec 2022 a Journal Entries 1 Jan 1 Cash Asset 2000... View the full answer
Related Book For
Auditing A Practical Approach with Data Analytics
ISBN: 978-1119401742
1st edition
Authors: Raymond N. Johnson, Laura Davis Wiley, Robyn Moroney, Fiona Campbell, Jane Hamilton
Posted Date:
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