Question: Dear tutor, please answer all the question below. Maisara invested RM90,000 cash to start her business, Maisarah Collections, in December 2019. She bought equipment for

Dear tutor, please answer all the question below.Dear tutor, please answer all the question below. Maisara invested RM90,000 cash

Maisara invested RM90,000 cash to start her business, Maisarah Collections, in December 2019. She bought equipment for the business use valued RM32,000 on loan and supplies costing RM5,000 cash. During the month, December, she paid RM8,000 cash for salary expense, RM3,000 cash for rental expense, RM1,000 cash for utilities expense. During the month also, cash sales is RM25,000, while her credit sales amounted to RM5,000 where bills has been issued to the credit customers and no payment is received as yet. a) Maisara should consider the generally accepted accounting principles in recording her business transactions above. Identify FOUR (4) generally accepted accounting principles and explain relating to Maisara Collections business situations above. (2 marks) b) Using T-accounts to arrive to accounts balance, show trial balance for Maisara Collections for the December 2019 business transactions. (5 marks) c) Describe which attitude should Maisara has as business owner in ensuring good financial management and going concern of her business

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!