Rajini launched a new business, XYZ Tech Solution that began operations on $1$ January

$2024.$ The following transactions were completed by the company during the first month:

$1$ Rajini invested RM$50,000$ cash in the business, XYZ$.$

$5$ Purchased office equipment RM$10,000$ on credit from ABC Machine

$10$ Obtained a bank loan of RM$30,000$

$15$ Completed a project and received RM$20,000$ in cash.

$17$ Invoiced a client for services provided, RM$15,000.$

$19$ Received RM$5,000$ in advance for a service to be provided next month.

$25$ Purchased office supplies on credit for RM$2,000.$

$27$ Paid RM$8,000$ in salaries for the month.

$28$ Paid RM$3,000$ of the accounts payable for office equipment.

$30$ The owner withdrew RM$7,000$ for personal use.

Based on requirement, prepare:

$($i$)$ journal entry for each of the transaction $($Please include the transaction on $1$ January

$2023-$ first investment$)(10$m$)$

$($ii$)$ post the transaction to the t$-$accounts and balance off accounts $(15$m$)$

$($iii$)$ trial balance as at $31$st January $2023.(5$m$)$

$($iv$)$ at least TWO $(2)$ adjustment to the account $(5$m$)$

$($v$)$ financial statement for the month of January $2023(10$m$)$

Answer rating: 100% (QA)

i Journal entries for each transaction 1 January 1 Cash Dr 50000 Capital Cr 50000 5 January 10 Office Equipment Dr 10000 Accounts Payable Cr 10000 10 ... View the full answer