The following are the transactions of Tealife Enterprise during the month of August 2019: August 2...
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The following are the transactions of Tealife Enterprise during the month of August 2019: August 2 Sold goods worth RM8,000 to Sam. Sam promised that he will pay 2 weeks later. 5 Purchased equipment for RM50,000, paying RM20,000 in cash and the remainder on credit. 12 Purchased RM2,500 worth of goods from Jaya Enterprise on credit. 16 Received RM8,000 in cash from Sam on goods sold on 2 October. 20 Paid Susan RM1,500 by cash in settlement of an amount owed to her. 27 Paid wages of RM6,250 by cheque. 28 Received cash of RM7,150 from Thor in settlement of an outstanding debt. 29 Owner withdrew RM2,000 cash for his personal use. Required: Prepare the journal entries for the above transactions. Narratives are not required. The following are the transactions of Tealife Enterprise during the month of August 2019: August 2 Sold goods worth RM8,000 to Sam. Sam promised that he will pay 2 weeks later. 5 Purchased equipment for RM50,000, paying RM20,000 in cash and the remainder on credit. 12 Purchased RM2,500 worth of goods from Jaya Enterprise on credit. 16 Received RM8,000 in cash from Sam on goods sold on 2 October. 20 Paid Susan RM1,500 by cash in settlement of an amount owed to her. 27 Paid wages of RM6,250 by cheque. 28 Received cash of RM7,150 from Thor in settlement of an outstanding debt. 29 Owner withdrew RM2,000 cash for his personal use. Required: Prepare the journal entries for the above transactions. Narratives are not required.
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Related Book For
South-Western Federal Taxation 2020 Comprehensive
ISBN: 9780357109144
43rd Edition
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
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