Reference no: EM132593499
Question - Cik Halimah is an entrepreneur who owned HD Cleaning Services Enterprise (HDCSE). Cik Halimah appointed you to manage the accounting records. You have been asked to complete part of the accounting cycle as she would apply for a bank loan. The following transactions had taken place in the first month (January 2020) of her business operation.
1 January The following assets were contributed by Cik Halimah into the business: Cash RM50,000 Furniture and Fitting RM40,000 Office Equipment RM14,000
2 Purchased office supplies from JD Enterprise for RM600 cash.
6 Hired a part time worker to assist Cik Halimah with a salary of RM1,200 per month.
8 Paid insurance premium for six (6) months period for RM2,500 cash.
11 Performed cleaning services to her customers and received RM10,000 cash.
13 Purchased a van for RM25,000 by paying RM14,000 cash and the remaining balance was on account.
16 Cik Halimah used RM5,500 of HDCSE's money for her vacation
17 Paid RM4,000 for the transaction on 13 January
22 Paid RM1,500 for utility bills
27 Performed services to customers of RM15,000 and received RM7,000 cash. The remaining balance will be received in February 2020
28 One of the customers paid HDCSE of RM10,000 for the services to be performed in February 2020.
30 Paid salary for RM1,200.
REQUIRED -
(a) Record the journal entry/entries for the above transactions during the month of January 2020. (Explanation is not required).
(b) Post all relevant cash journal entries to the Cash Account ledger. Determine the Cash Account balance after all postings are completed.