Scribd
Upload
176 views

Accounts-Individual Assignment 2 - q3 I

The document provides a tutorial question that lists a series of business transactions in chronological order. It then asks the student to prepare journal entries, T-accounts, a trial balance, income statement, statement of changes in owner's equity, and balance sheet for the transactions. The answer provides the general journal entries to record each transaction, with debits and credits to appropriate accounts and explanations.

Uploaded by

Sshanthine
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
176 views

Accounts-Individual Assignment 2 - q3 I

The document provides a tutorial question that lists a series of business transactions in chronological order. It then asks the student to prepare journal entries, T-accounts, a trial balance, income statement, statement of changes in owner's equity, and balance sheet for the transactions. The answer provides the general journal entries to record each transaction, with debits and credits to appropriate accounts and explanations.

Uploaded by

Sshanthine
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 1

TUTORIAL 2

QUESTION 3

For each of the following events, assume the events are in order :

(a) Owner invested $50,000 cash into the business.


(b) Purchased $400 of supplies on account.
(c) Purchased equipment for $1,600 on account.
(d) Earned $1000 of revenue by performing a service for cash.
(e) Received utilities bill for $500, to be paid in the following period.
(f) Performed services for a customer valued at $3000 on account.
(g) Paid salaries to employees of $5,000.
(h) Purchased equipment for $5,000 cash.
(i) Collected $1,500 from a customer on an receivable.

(i) Prepare a Journal Entries


(ii) Prepare a " T"account
(iii) Prepare a Trial Balance
(iv) Prepare a Income statement
(v) Prepare a Statement of Changes in Owner's Equity
(vi) Prepare a Balance Sheet

ANSWER :
(i)
General Journal

Date Accounts and Explanation Debit (RM) Credit (RM)


a Cash 50,000.00
Capital 50,000.00
( Record the opening balance for assests and capital )

b Supplies 400.00
Account Payable 400.00
( Purchased supplies on credit )

c Equipment 1,600.00
Account Payable 1,600.00
( Purchased equipment on credit )

d Cash 1,000.00
Sevice revenue 1,000.00
( Earned revenue by performing a service for customer )

e Utilities Expense 500.00


Accrued Liabilities 500.00
( Utilities bill need to be paid on following period )

f Account Receivable 3,000.00


Service Revenue 3,000.00
( Performed a service for customer on credit )

g Salary 5,000.00
Cash 5,000.00
( Paid employees salaries )

h Equipment 5,000.00
Cash 5,000.00
( Purchased equipment for cash )

i Cash 1,500.00
Account Receivable 1,500.00
( Collected cash from customer on receivable )
TOTAL 68,000.00 68,000.00

You might also like