Q3. The following transactions incurred by Wan Leng Training Centre in July 2020. 110 July 1....

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Q3. The following transactions incurred by Wan Leng Training Centre in July 2020. 110 July 1. The owner, Wan Leng, invests RM250,000 in cash in starting a training centre in Penang operating as a sole proprietorship. 2. Purchased RM400 of office supplies on credit. 3. Purchased computer and printer for RM6,000, paying RM2,000 in cash and balance on credit. 4. Training fees billed to clients amounted to RM4,000. 5. Paid RM700 in cash for the current month's rent. 6. Paid RM200 cash on account for office supplies purchased in transaction 2. 7. Received a bill for RM600 for advertising for the current month. 8. Paid RM2,200 cash for office salaries. 9. Wan Leng withdrew RM1,200 from the business for living expenses. 10. Received a cheque for RM3,000 from a client in payment on account for fees billed in transaction 4. Required: Prepare journal entries for the above transactions. Q3. The following transactions incurred by Wan Leng Training Centre in July 2020. 110 July 1. The owner, Wan Leng, invests RM250,000 in cash in starting a training centre in Penang operating as a sole proprietorship. 2. Purchased RM400 of office supplies on credit. 3. Purchased computer and printer for RM6,000, paying RM2,000 in cash and balance on credit. 4. Training fees billed to clients amounted to RM4,000. 5. Paid RM700 in cash for the current month's rent. 6. Paid RM200 cash on account for office supplies purchased in transaction 2. 7. Received a bill for RM600 for advertising for the current month. 8. Paid RM2,200 cash for office salaries. 9. Wan Leng withdrew RM1,200 from the business for living expenses. 10. Received a cheque for RM3,000 from a client in payment on account for fees billed in transaction 4. Required: Prepare journal entries for the above transactions.

Answer rating: 100% (QA)

Date Account Titles Debit Credit July 1 Cash 250000 Wan LengCaptial 250000 July 2 Office Sup... View the full answer