On 1 July 2022. Andrew established a Gold Shop. Andrew completed the following transactions during July....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On 1 July 2022. Andrew established a Gold Shop. Andrew completed the following transactions during July. a) Opened a business bank account with a deposit of RM25,000 from personal funds. b) Purchased office supplies on account of RM1,850. c) Paid creditor on account of RM1,200. d) Eamed sales commission and received cash of RM41,500. e) Paid rent on office and equipment for the month RM3,600 f) Withdrew cash for personal use RM4,000. g) Paid automobile expenses (including rental charge) for month RM3,050 and miscellaneous expenses RM1,600. h) Paid office salaries RM5,000. i) Determined the cost of supplies on hand was RM950; therefore, the cost of supplies used was RM900. INSTRUCTION: Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: On 1 July 2022. Andrew established a Gold Shop. Andrew completed the following transactions during July. a) Opened a business bank account with a deposit of RM25,000 from personal funds. b) Purchased office supplies on account of RM1,850. c) Paid creditor on account of RM1,200. d) Eamed sales commission and received cash of RM41,500. e) Paid rent on office and equipment for the month RM3,600 f) Withdrew cash for personal use RM4,000. g) Paid automobile expenses (including rental charge) for month RM3,050 and miscellaneous expenses RM1,600. h) Paid office salaries RM5,000. i) Determined the cost of supplies on hand was RM950; therefore, the cost of supplies used was RM900. INSTRUCTION: Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings:
Expert Answer:
Answer rating: 100% (QA)
The Answer is Option 4 which is It concentrates on seeking aspects of operations in which waste w... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Which of the following best describes the difference between a variable life policy and a universal life policy? a. Variable life has a variable death benefit and universal life has a fixed death...
-
Which of the following best describes earnings quality? Multiple Choice The correlation between current year earnings and historical earnings The ability of reported earnings to predict a companys...
-
Which one of the following best describes the total amount of heat required to change 500 g of solid water (ice) at 000 C to liquid water at 250 C Hint Consider both steps, the phase change and...
-
Label all the bars in the truss of Figure 4.13 that are unstressed when the 60-kip load acts. Figure 4.13 60 kips B 0 MOL K J D 180 kips E - F G H 120 kips
-
How do those who are leading PatientsLikeMe practice execution intelligence?
-
What is a logarithmic equation?
-
The following additional information is available for the variable overhead costs in question 2: Standard cost per unit of product 2 liters of raw materials @ \($16\) per liter Actual use of raw...
-
A sinking fund can be set up in one of two ways: (1) The corporation makes annual payments to the trustee, who invests the proceeds in securities (frequently government bonds) and uses the...
-
Parallelogram ABCD: A (0, 0) B (3, 3) C (7, -1) D (4, -4) Property Word Bank: All sides congruent OR Opposite sides congrue All angles are right angles Diagonals congruent
-
Bill and Ellen are husband and wife with five married children and eight grandchildren. Commencing in December 2014, they would like to transfer a tract of land (worth $1,008,000) equally to their...
-
Sanders, CFA, is a fixed income portfolio manager at an insurance company. She has an obligation to pay $150.0 million in 15 years and she wants to immunise this obligation. The yield to maturity of...
-
Cape Machinery sells various types of machinery and equipment. You have been provided with the attached sales data records. You noted different date formats are used in the document. The records are...
-
Suppose components are sorted into many bins, such that the mean weight of the component bins is 5 pounds (lb) with a standard deviation of 0.3 lbs. A certain buyer always measures weight in ounces...
-
In the game of 5-card draw poker using a standard deck of 52playing cards, it is often counter-intuitive that drawing astraight (i.e. five cards of sequential rank) is more likely tooccur than...
-
At Grande Anse Beach the height of the water in metres is modelled by the function h(t) = pcos(qx , where t is the number of hours after 21:00 hours on 10 December 2017. The following diagram si the...
-
A family is moving from Bakersfield to San Francisco. Housing prices differ greatly between the two cities. The average house in Bakersfield is $240,000 with a standard deviation of $75,000 while the...
-
> The Gateway Arch in St. Louis, MO is approximately 630 ft tall. How many U.S. half dollars would be in a stack of the same height? Each half dollar is 2.15 mm thick. number of half dollars: Each...
-
Tell whether the angles or sides are corresponding angles, corresponding sides, or neither. AC and JK
-
How is Maslow's hierarchy of needs related to income?
-
What are the advantages of leasing over purchasing in general?
-
The investment portfolio for a defined benefit retirement plan has declined in value during a year in which most financial market investments have incurred losses. Which one of the following entities...
-
Dominiques Frozen Food Company makes frozen dinners and sells them to retail outlets near London. Dominique has just inherited 10,000 and has decided to invest it in the business. She is trying to...
-
Bastille Corporation produces two grades of wine from grapes that it buys from California growers. It produces and sells roughly 3,000,000 liters per year of a low-cost, high-volume product called...
-
Metro Hospital has been under pressure to keep costs down. Indeed, the hospital administrator has been managing various revenue-producing centres to maximize contributions to the recovery of the...
Study smarter with the SolutionInn App