Homework Help is Here – Start Your Trial Now!
Business
Accounting
Amir's mini market was set up in January 2022. The following are the transactions for the month of April 2022. Date 2 4 6 8 9 10 12 14 b. 16 20 22 24 25 26 28 Transaction The business purchased goods worth RM3,000 on credit from Bala Enterprise. Made a cash payment of RM150 for transport of goods purchased from Bala Enterprise. Sold goods on credit to Confucius Cooperative RM1,500. Bala Enterprise has issued a credit memo in the amount of RM600 for goods returned due to spoilage. Amir, the owner withdrew RM200 cash for his personal use. Purchased goods worth RM900 in cash from Daulat Trading. The business paid off its debt to Bala Enterprise for full settlement by electronic funds transfer and received a 5% discount. A credit memo of RM300 was issued to Confucius Cooperative for the return of spoilt goods. Amir invested RM15,000 in a fixed deposit by cheque. Sold goods worth RM3,500 for cash. Paid cash for utilities RM270. The business received full payment from Confucius Cooperative for the amount due after deducting a cash discount of RM30. The sum was deposited into the business's bank account. Amir brought in additional cash of RM20,000 into the business. A bank loan of RM30,000 was obtained to finance the business operations. The sum was deposited into the company's bank account. The business purchased some furniture amounted to RM4,000 by cheque. Required: a. Identify the effects (increase or decrease) on assets, liabilities, revenues, expenses or owner's equity for the above transactions. Show the accounts to be debited and credited for the above transactions.

Amir's mini market was set up in January 2022. The following are the transactions for the month of April 2022. Date 2 4 6 8 9 10 12 14 b. 16 20 22 24 25 26 28 Transaction The business purchased goods worth RM3,000 on credit from Bala Enterprise. Made a cash payment of RM150 for transport of goods purchased from Bala Enterprise. Sold goods on credit to Confucius Cooperative RM1,500. Bala Enterprise has issued a credit memo in the amount of RM600 for goods returned due to spoilage. Amir, the owner withdrew RM200 cash for his personal use. Purchased goods worth RM900 in cash from Daulat Trading. The business paid off its debt to Bala Enterprise for full settlement by electronic funds transfer and received a 5% discount. A credit memo of RM300 was issued to Confucius Cooperative for the return of spoilt goods. Amir invested RM15,000 in a fixed deposit by cheque. Sold goods worth RM3,500 for cash. Paid cash for utilities RM270. The business received full payment from Confucius Cooperative for the amount due after deducting a cash discount of RM30. The sum was deposited into the business's bank account. Amir brought in additional cash of RM20,000 into the business. A bank loan of RM30,000 was obtained to finance the business operations. The sum was deposited into the company's bank account. The business purchased some furniture amounted to RM4,000 by cheque. Required: a. Identify the effects (increase or decrease) on assets, liabilities, revenues, expenses or owner's equity for the above transactions. Show the accounts to be debited and credited for the above transactions.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
QUESTION Amir's mini market was set up in January 2022. The following are the transactions for the month of April 2022. Date 2 4 a. 6 8 b. 16 20 9 Amir, the owner withdrew RM200 cash for his personal use. Purchased goods worth RM900 in cash from Daulat Trading. 10 12 The business paid off its debt to Bala Enterprise for full settlement by electronic funds transfer and received a 5% discount. 14 A credit memo of RM300 was issued to Confucius Cooperative for the return of spoilt goods. Amir invested RM15,000 in a fixed deposit by cheque. Sold goods worth RM3,500 for cash. Paid cash for utilities RM270. The business received full payment from Confucius Cooperative for the amount due after deducting a cash discount of RM30. The sum was deposited into the business's bank account. 22 24 Transaction The business purchased goods worth RM3,000 on credit from Bala Enterprise. Made a cash payment of RM150 for transport of goods purchased from Bala Enterprise. 25 26 Sold goods on credit to Confucius Cooperative RM1,500. Bala Enterprise has issued a credit memo in the amount of RM600 for goods returned due to spoilage. Amir brought in additional cash of RM20,000 into the business. A bank loan of RM30,000 was obtained to finance the business operations. The sum was deposited into the company's bank account. 28 The business purchased some furniture amounted to RM4,000 by cheque. Required: Identify the effects (increase or decrease) on assets, liabilities, revenues, expenses or owner's equity for the above transactions. Show the accounts to be debited and credited for the above transactions.
Transcribed Image Text:QUESTION Amir's mini market was set up in January 2022. The following are the transactions for the month of April 2022. Date 2 4 a. 6 8 b. 16 20 9 Amir, the owner withdrew RM200 cash for his personal use. Purchased goods worth RM900 in cash from Daulat Trading. 10 12 The business paid off its debt to Bala Enterprise for full settlement by electronic funds transfer and received a 5% discount. 14 A credit memo of RM300 was issued to Confucius Cooperative for the return of spoilt goods. Amir invested RM15,000 in a fixed deposit by cheque. Sold goods worth RM3,500 for cash. Paid cash for utilities RM270. The business received full payment from Confucius Cooperative for the amount due after deducting a cash discount of RM30. The sum was deposited into the business's bank account. 22 24 Transaction The business purchased goods worth RM3,000 on credit from Bala Enterprise. Made a cash payment of RM150 for transport of goods purchased from Bala Enterprise. 25 26 Sold goods on credit to Confucius Cooperative RM1,500. Bala Enterprise has issued a credit memo in the amount of RM600 for goods returned due to spoilage. Amir brought in additional cash of RM20,000 into the business. A bank loan of RM30,000 was obtained to finance the business operations. The sum was deposited into the company's bank account. 28 The business purchased some furniture amounted to RM4,000 by cheque. Required: Identify the effects (increase or decrease) on assets, liabilities, revenues, expenses or owner's equity for the above transactions. Show the accounts to be debited and credited for the above transactions.
Expert Solution
steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Cash and cash equivalents
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS