On 1 July 2022. Andrew established a Gold Shop. Andrew completed the following transactions during July....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On 1 July 2022. Andrew established a Gold Shop. Andrew completed the following transactions during July. a) Opened a business bank account with a deposit of RM25,000 from personal funds. b) Purchased office supplies on account of RM1,850. c) Paid creditor on account of RM1,200. d) Eamed sales commission and received cash of RM41,500. e) Paid rent on office and equipment for the month RM3,600 f) Withdrew cash for personal use RM4,000. g) Paid automobile expenses (including rental charge) for month RM3,050 and miscellaneous expenses RM1,600. h) Paid office salaries RM5,000. i) Determined the cost of supplies on hand was RM950; therefore, the cost of supplies used was RM900. INSTRUCTION: Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: On 1 July 2022. Andrew established a Gold Shop. Andrew completed the following transactions during July. a) Opened a business bank account with a deposit of RM25,000 from personal funds. b) Purchased office supplies on account of RM1,850. c) Paid creditor on account of RM1,200. d) Eamed sales commission and received cash of RM41,500. e) Paid rent on office and equipment for the month RM3,600 f) Withdrew cash for personal use RM4,000. g) Paid automobile expenses (including rental charge) for month RM3,050 and miscellaneous expenses RM1,600. h) Paid office salaries RM5,000. i) Determined the cost of supplies on hand was RM950; therefore, the cost of supplies used was RM900. INSTRUCTION: Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings:
Expert Answer:
Answer rating: 100% (QA)
The Answer is Option 4 which is It concentrates on seeking aspects of operations in which waste w... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Which of the following best describes the difference between a variable life policy and a universal life policy? a. Variable life has a variable death benefit and universal life has a fixed death...
-
Which of the following best describes earnings quality? Multiple Choice The correlation between current year earnings and historical earnings The ability of reported earnings to predict a companys...
-
Which one of the following best describes the total amount of heat required to change 500 g of solid water (ice) at 000 C to liquid water at 250 C Hint Consider both steps, the phase change and...
-
Label all the bars in the truss of Figure 4.13 that are unstressed when the 60-kip load acts. Figure 4.13 60 kips B 0 MOL K J D 180 kips E - F G H 120 kips
-
In forecasting a monthly time series over a five-year period from January 2006 to December 2010, the exponential trend forecasting equation for January is Take the antilog of the appropriate...
-
Consider the two-degree-of-freedom system shown in Figure 5.71, in which two simple inverted pendulums are connected by a translational spring of stiffness \(k\). Each pendulum consists of a point...
-
Redesign the VOCs adsorber of Example 9.15 for a breakthrough time of \(4.0 \mathrm{~h}\). The pressure drop through the bed [calculated using the Ergun equation (2-95)] should not exceed \(1.0...
-
On January 1, 2014, Dixon Corporation had the following stockholders equity accounts. Common Stock ($4 par value, 250,000 shares issued and outstanding) .....$1,000,000 Paid-in Capital in Excess of...
-
2. Consider the variation of hot-potato routing/coordination routing game discussed in class, where there are three strategies: Payoff Hot Potato Long Path Planned Long-Path | Planned Hot Potato...
-
Company A is a global company based in the United States that operates in the financial industry. Company A serves its customers with financial products, such as checking accounts, bank cards, and...
-
Consider the following constrained optimization problem: = min f(x1, x) x + x Subject to g(x, x2) = 2x + x 5 OPT-1 (a) Write down the Wolfe dual of the problem (OPT-2) and eliminate (x, y) to obtain...
-
Explain these sustainability reporting standards-GRI, SASB, and CDP. How important are they? mention any big corporation doing a solid job of reporting. Cite credible references
-
Traditional and international accepted definition of M2 Include 1. Demand deposits 2. Savings accounts 3. Small certificates or deposit A. 1 and 3 B. All three C. 1 and 2 D. 2 and 3
-
Determine the magnitude P of the horizontal force required to initiate motion of the block of mass mo for the cases (a) P is applied to the right and (b) P is applied to the left. Complete a general...
-
What type of plans are hospital departments managers most likely to be involved with?
-
Funding is through federal and state block grants. Question 5 options: Private For Profit Non-Profit Public
-
Explain the two trust types and apply each of them to a personal or professional experience you've encountered.
-
Tell whether the angles or sides are corresponding angles, corresponding sides, or neither. AC and JK
-
How is Maslow's hierarchy of needs related to income?
-
What are the advantages of leasing over purchasing in general?
-
The investment portfolio for a defined benefit retirement plan has declined in value during a year in which most financial market investments have incurred losses. Which one of the following entities...
-
The expected effect on market efficiency of opening a securities market to trading by foreigners would be to: A. Decrease market efficiency. B. Leave market efficiency unchanged. C. Increase market...
-
Suppose that a speculative-grade bond issuer announces, just before bond markets open, that it will default on an upcoming interest payment. In the announcement, the issuer confirms various reports...
-
1. An analyst estimates that a securitys intrinsic value is lower than its market value. The security appears to be: A. Undervalued. B. Fairly valued. C. Overvalued. 2. A market in which assets...
Study smarter with the SolutionInn App