In: Accounting
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 | |||
Related SolutionsMarch 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 MarchRocky 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
ADVERTISEMENT
Latest Questions
ADVERTISEMENT
|