Question

March 5 Purchase stock from Febreeze Bhd. at a price of RM1,000 cash.

March 6 Purchase inventory from Febreeze Bhd. at a price of RM5,000 on credit.

March 7 Purchase stock from Febreeze Bhd. at a price of RM1,000 cash and RM5,000 on credit.

4. Providing services/ Sales

April 8 Provide services to UPM for RM2,000, on account.

April 9 Provide services to UKM for RM1,000 cash

April 10 Provide services to USM for RM2,000, on account and RM1,000 cash

or

April 8 Sales to UPM for RM2,000, on account.

April 9 Sales to UKM for RM1,000 cash

April 10 Sales to USM for RM2,000, on account and RM1,000 cash

5. Drawings

May 11 Mr. Razak took a few cleaning supplies costing RM500 for his personal use.

May 12 Mr. Razak took RM1,000 cash for his personal use.

May 13 Mr. Razak took a few cleaning supplies costing RM500 and RM1,000 for his personal use.

6. Receiving Payment

June 14 Received cash from UPM RM2,000 for the service provided on March 3

June 15 Received RM12,000 from NAEILA Express for the rental fees

7. Making Payment

July 16 Pay salaries RM1,000.

July 17 Pay Febreeze Bhd. for the purchase made on May 6 RM5,000.

July 18 Pay RM5,000 Jujaya Sdn. Bhd. for the settlement of credit purchase on February 2.

1. Accounting Equation

2. General Journal

Answer 1

1. Accounting Equation

		Assets = Liability + Capital
S.No.	Transaction	Cash	Receivable	Stock	=	Liability	+	Capital
March 5	Purchase stock from Febreeze Bhd. at a price of RM 1,000 cash.	(1,000.00)		1,000.00	=		+
March 6	Purchase inventory from Febreeze Bhd. at a price of RM5,000 on credit.			5,000.00	=	5,000.00	+
March 7	Purchase stock from Febreeze Bhd. at a price of RM1,000 cash and RM5,000 on credit.	(1,000.00)		6,000.00	=	5,000.00	+
	4. Providing services/ Sales				=		+
April 8	Provide services to UPM for RM2,000, on account		2,000.00		=		+	2,000.00
April 9	Provide services to UKM for RM1,000 cash	1,000.00			=		+	1,000.00
April 10	Provide services to USM for RM2,000, on account and RM1,000 cash	1,000.00	2,000.00		=		+	3,000.00
	5. Drawings				=		+
May 11	Mr. Razak took a few cleaning supplies costing RM500 for his personal use.			(500.00)	=		+	(500.00)
May 12	Mr. Razak took RM1,000 cash for his personal use	(1,000.00)			=		+	(1,000.00)
May 13	Mr. Razak took a few cleaning supplies costing RM500 and RM1,000 for his personal use.	(1,000.00)		(500.00)	=		+	(1,500.00)
	6. Receiving Payment				=		+
June 14	Received cash from UPM RM2,000 for the service provided on March 3	2,000.00	(2,000.00)		=		+
June 15	Received RM12,000 from NAEILA Express for the rental fees	12,000.00			=		+	12,000.00
	7. Making Payment				=		+
July 16	Pay salaries RM1,000.	(1,000.00)			=		+	(1,000.00)
July 17	Pay Febreeze Bhd. for the purchase made on May 6 RM5,000.	(5,000.00)			=	(5,000.00)	+
July 18	Pay RM5,000 Jujaya Sdn. Bhd. for the settlement of credit purchase on February 2.	(5,000.00)			=	(5,000.00)	+
	Accounting Equation	1,000.00	2,000.00	11,000.00	=	-	+	14,000.00

2. General Journal

S.No.	General Journal	Debit	Credit	Transaction
March 5	Purchase	1,000.00		Purchase stock from Febreeze Bhd. at a price of RM 1,000 cash.
	Cash		1,000.00
March 6	Inventory	5,000.00		Purchase inventory from Febreeze Bhd. at a price of RM5,000 on credit.
	Accounts Payable		5,000.00
March 7	Purchase	6,000.00		Purchase stock from Febreeze Bhd. at a price of RM1,000 cash and RM5,000 on credit.
	Accounts Payable		5,000.00
	Cash		1,000.00
				4. Providing services/ Sales
April 8	Accounts Receivable	2,000.00		Provide services to UPM for RM2,000, on account
	Sales Revenue		2,000.00
April 9	Cash	1,000.00		Provide services to UKM for RM1,000 cash
	Sales Revenue		1,000.00
April 10	Cash	1,000.00		Provide services to USM for RM2,000, on account and RM1,000 cash
	Accounts Receivable	2,000.00
	Sales Revenue		3,000.00
				5. Drawings
May 11	Drawing A/c	500.00		Mr. Razak took a few cleaning supplies costing RM500 for his personal use.
	Stock A/c		500.00
May 12	Drawing A/c	1,000.00		Mr. Razak took RM1,000 cash for his personal use
	Cash		1,000.00
ekkarill92 Next > < Previous Related Solutions March 1 purchase 100 units $50 each March 5 purchase 400 units $55 each March 9... March 1 purchase 100 units $50 each March 5 purchase 400 units $55 each March 9 sales 420 $85 each March 18 purchase 120 units $60 March 25 purchase 200 units $62 March 29 sales 160 units $95 1. The CEO has asked you to help her decide whether to use LIFO or FIFO for inventory costing. Compute the gross profit earned by the company for both LIFO and FIFO. 2. The CEO’s bonus is calculated using net income before... Suppose you purchase 6 put contracts on Testaburger Co. stock. The strike price is $35, and... Suppose you purchase 6 put contracts on Testaburger Co. stock. The strike price is $35, and the premium is $1.50. If, at expiration, the stock is selling for $31 per share, what are your put options worth? What is your net profit? 6 months ago you bought a $5 call option on a stock with an exercise price... 6 months ago you bought a $5 call option on a stock with an exercise price of $60. What is the percentage return? If the stock price at expiration of this option is $54 If the stock price at expiration of this option is $72 6 months ago you bought for $3 a put option on a stock with an exercise price of $60, what is your return on investment? If the stock price at expiration of this option is... Compute the direct-material purchase price variance and quantity variance for March Rocky Mountain Camping Equipment, Inc. has established the following direct-material standards for its two products. Standard QuantityStandard PriceStandard camping tent24 yards$11.00 per yardDeluxe backpacking tent19 yards$8.20 per yardDuring March, the company purchased 4,400 yards of tent fabric for its standard model at a cost of $49,720. The actual March production of the standard tent was 140 tents, and 3,460 yards of fabric were used. Also during March, the company purchased 1,400 yards of the same tent fabric for its deluxe backpacking... Ex. 5 Using the following information: Purchase of treasury stock        $40,000 Proceeds from sale... Ex. 5 Using the following information: Purchase of treasury stock        $40,000 Proceeds from sale of equipment      25,000 Interest expense on borrowing   3,000 Issuance of bonds payable       52,500 Payment of dividends           10,000 Gain on sale of equipment       2,000 Stock dividends           15,000 Issuance of common stock       20,000 Compute the cash flow from financing activities. Compute the cash flow from investing activities. Suppose that a March call option on a stock with a strike price of $50 costs... Suppose that a March call option on a stock with a strike price of $50 costs $2.50 and is held until March. Under what circumstances will the option be exercised? Under what circumstances will the holder of the option make a gain? Under what circumstances will the seller of the option make a gain? What is the maximal gain that the seller of the option can make? Under what circumstances will the seller of the option make the maximal gain? 6) A stock is selling for $18.50. The strike price on a call, maturing in 6... 6) A stock is selling for $18.50. The strike price on a call, maturing in 6 months, is $20. The possible stock prices at the end of 6 months are $22.50 and $15.00. Interest rates are 6.0%. How much money would you borrow to create an arbitrage on a call trading for $2.00? A) $2.54 B) $4.85 C) $6.60 D) $8.85 Answer: B need details of solution You want to buy a car for cash 5 years from now. The car price at... You want to buy a car for cash 5 years from now. The car price at that time will be 20000 dollars. To this end you want to make an annuity deposit each year so that you accumulate the required amount. Interest rate is 6%. How much do you have to deposit each year if (i) deposits are made at the end of each year (ii) deposits are made at the beginning of each year. You want to buy a car for cash 5 years from now. The car price at... You want to buy a car for cash 5 years from now. The car price at that time will be 20000 dollars. To this end you want to make an annuity deposit each year so that you accumulate the required amount. Interest rate is 6%.  How much do you have to deposit each year if (i) deposits are made at the end of each year (ii) deposits are made at the beginning of each year. (A-2) A credit card account had a $233 balance on March 5. A purchase of $125... (A-2) A credit card account had a $233 balance on March 5. A purchase of $125 was made on March 12, and a payment of $125 was made on March 28. Find the average daily balance if the billing date is April 5.? (B-3) A charge account had a balance of $995 on May 5. A purchase of $227 was made on May 17, and a payment of $125 was made on May 20. The interest on the average daily... ADVERTISEMENT Subjects Accounting Advanced Math Anatomy and Physiology Biology Chemistry Civil Engineering Computer Science Economics Electrical Engineering Finance History Math Mechanical Engineering Operations Management Physics Psychology Statistics and Probability Nursing Other ADVERTISEMENT Latest Questions The accompanying data table lists the magnitudes of 50 earthquakes measured on the Richter scale. Test... What is the pH of the buffer that results when 0.235 mol of NH3 and (2.46x10^-1)... Develop a WBS for aporject of support and rehabilitation of orphans with disabilities use the outline... Write a program using C++ that ask the user for the flowing: How many shares to... You are a management consultant who has been commissioned by an organisation to produce a report... Hence, if this supply of heat is cut down, obviously, there will be no source to... P.8. Opportunity cost of capital. F&H Corp. continues to invest heavily in a declining industry. Here... ADVERTISEMENT About @ 2020 WizEdu