Problem 1: Transactions 1st January 2019, Miss Nancy opens a business. The transaction incurred as follows:-...

 

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Problem 1: Transactions 1st January 2019, Miss Nancy opens a business. The transaction incurred as follows:- 1) Invested RM 10,000 cash to start the business. 2) Purchase equipment for RM 5,000 in cash. 3) Paid RM 400 cash for January office rent. 6) Paid part-time employee salaries of RM 2,000. 7) Incurred RM 250 of advertising cost, on account. 8) Provided RM 750 of services on account to customers. 9) Collected RM 120 cash for services previously billed. Required: 1. Prepare the analysis of the following transactions for the month of January for Miss Nancy. Used the below table for your analysis. Assets 1 6749UAWN. 2 3 5 4) Received RM 5,100 from customers for service provides. 5) Withdrew RM 1,000 cash for personal use. Cash A/C 8 Receivable - Liability + Equity Capital & +Revenue-Expenses Payable Drawing Equipment = A/C 2. Prepared the Income Statement for the month ended 31 January 2019, 3. Prepared the Statement of Owner's Equity for the month ended 31 January 2019 and, 4. Prepared the Balance Sheet as at 31 January 2019. Problem 1: Transactions 1st January 2019, Miss Nancy opens a business. The transaction incurred as follows:- 1) Invested RM 10,000 cash to start the business. 2) Purchase equipment for RM 5,000 in cash. 3) Paid RM 400 cash for January office rent. 6) Paid part-time employee salaries of RM 2,000. 7) Incurred RM 250 of advertising cost, on account. 8) Provided RM 750 of services on account to customers. 9) Collected RM 120 cash for services previously billed. Required: 1. Prepare the analysis of the following transactions for the month of January for Miss Nancy. Used the below table for your analysis. Assets 1 6749UAWN. 2 3 5 4) Received RM 5,100 from customers for service provides. 5) Withdrew RM 1,000 cash for personal use. Cash A/C 8 Receivable - Liability + Equity Capital & +Revenue-Expenses Payable Drawing Equipment = A/C 2. Prepared the Income Statement for the month ended 31 January 2019, 3. Prepared the Statement of Owner's Equity for the month ended 31 January 2019 and, 4. Prepared the Balance Sheet as at 31 January 2019.

Answer rating: 100% (QA)

Transaction Total 1 2 3 4 5 6 7 8 9 Cash 10000 5000 400 5100 1000 2000 120 6820 Assets Accounts Rec... View the full answer