HANIS ELEENA, just graduated from the eminent management university in Northern Malaysia, opened her own shop...

  

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HANIS ELEENA, just graduated from the eminent management university in Northern Malaysia, opened her own shop named NICE FLORIST in September 2020. She brought in her own car worth RM90,000 for the business use and cash of RM40,000. The following transactions were completed in the very first month of operation: September 1 Paid RM2,700 for three months rental starting from September 2020. Purchased exhibition racks and paid RM30,000 for the whole amount. 2 Purchased merchandise from FIRST SUPPLIER for RM4,500, FOB shipping point, terms 2/15 n/30. Paid freight on purchases from FIRST SUPPLIER for RM120. Purchased decorating merchandise from HIGH SHOPPE for RM5,000. FOB destination, terms 3/10,0/eem Cash sales RM2,700. The cost of the merchandise sold was RM810. 5 7 8 9 Returned defect foam block to HIGH SHOPPE costing RM400. 10 Sold merchandise totalled RM7,800 to ZAIN BRIDAL HOUSE. Terms 5/10, n/30. The cost of the merchandise was RM2,340. 11 Paid FIRST SUPPLIER the full amount for purchases made on 2 September. HANIS took few sets of floral vases costing RM390 as a present for her friends. 15 Obtained a loan from STRONG BANK BERHAD for RM20,000 cash payable in 2 years. 17 Sold merchandise costing RM2,250 to PIPO EVENT MANAGEMENT for RM7,500. Terms 5/10, n/30. 20 Paid HIGH SHOPPE in full. Received payment from ZAIN BRIDAL HOUSE in full. 22 Sold merchandise to BEAUTY CLUB for RM2,810 and received cash. The cost of the merchandise was RM850. 25 Purchased flower buckets and vases from FIRST SUPPLIER for RM3,500, FOB shipping point, terms 2/10,n/30. Paid freight charges of RM100. 27 Paid RM300 to BEAUTY CLUB for merchandise returned that costs RM100. 30 Paid utility bills totalled RM310 and RM3,100 for salary to employees. Purchased a one-year insurance policy starting from October 2020 for RM3,600. a. Journalize all the transactions and the adjusting entries in the general journal. b. Post all the entries from general journal to general ledger. c. Prepare the Statement of Profit or Loss and Other Comprehensive Income for the month. d. Prepare the Statement of Changes in Equity for the month. e. Prepare the Statement of Financial Position as at the end of the month. f. Provide analyses for the month, on the followings: 1. Current Ratio 2. Acid Test Ratio HANIS ELEENA, just graduated from the eminent management university in Northern Malaysia, opened her own shop named NICE FLORIST in September 2020. She brought in her own car worth RM90,000 for the business use and cash of RM40,000. The following transactions were completed in the very first month of operation: September 1 Paid RM2,700 for three months rental starting from September 2020. Purchased exhibition racks and paid RM30,000 for the whole amount. 2 Purchased merchandise from FIRST SUPPLIER for RM4,500, FOB shipping point, terms 2/15 n/30. Paid freight on purchases from FIRST SUPPLIER for RM120. Purchased decorating merchandise from HIGH SHOPPE for RM5,000. FOB destination, terms 3/10,0/eem Cash sales RM2,700. The cost of the merchandise sold was RM810. 5 7 8 9 Returned defect foam block to HIGH SHOPPE costing RM400. 10 Sold merchandise totalled RM7,800 to ZAIN BRIDAL HOUSE. Terms 5/10, n/30. The cost of the merchandise was RM2,340. 11 Paid FIRST SUPPLIER the full amount for purchases made on 2 September. HANIS took few sets of floral vases costing RM390 as a present for her friends. 15 Obtained a loan from STRONG BANK BERHAD for RM20,000 cash payable in 2 years. 17 Sold merchandise costing RM2,250 to PIPO EVENT MANAGEMENT for RM7,500. Terms 5/10, n/30. 20 Paid HIGH SHOPPE in full. Received payment from ZAIN BRIDAL HOUSE in full. 22 Sold merchandise to BEAUTY CLUB for RM2,810 and received cash. The cost of the merchandise was RM850. 25 Purchased flower buckets and vases from FIRST SUPPLIER for RM3,500, FOB shipping point, terms 2/10,n/30. Paid freight charges of RM100. 27 Paid RM300 to BEAUTY CLUB for merchandise returned that costs RM100. 30 Paid utility bills totalled RM310 and RM3,100 for salary to employees. Purchased a one-year insurance policy starting from October 2020 for RM3,600. a. Journalize all the transactions and the adjusting entries in the general journal. b. Post all the entries from general journal to general ledger. c. Prepare the Statement of Profit or Loss and Other Comprehensive Income for the month. d. Prepare the Statement of Changes in Equity for the month. e. Prepare the Statement of Financial Position as at the end of the month. f. Provide analyses for the month, on the followings: 1. Current Ratio 2. Acid Test Ratio

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Mar10 Accounts Receivable 7800 Sales 7800 Cost of Goods Sold 2... View the full answer