Reference no: EM132756921
Question - Borders Enterprise commenced trading business on 1st January 2020 with a. The following transactions took place during the month of May 2020.
May 2020 Transactions
1 May Commenced trading business by opening bank account with deposit of cash for capital of RM25,000.
5 May Bought office cabinets on credit from Furniture Store Sdn Bhd for RM12,200.
7 May Purchased goods on credit for RM10,000 from Pelangi Enterprise.
9 May Credit sales to Unikl College for RM15,000.
10 May Cash sales for RM3,700.
12 May Returned faulty goods to Pelangi Enterprise amounting to RM950.
15 May Received a cheque from Unikl College for full settlement after deducting cash discount of 4%.
20 May Owner took cash RM2,000 for personal use
25May Made payment to Pelangi Enterprise for RM8,000 by bank.
30 May Paid salaries to staff RM1,400 by online banking.
Required -
(a) Prepare journal entries for all the above transactions with narrations in appropriate format of journal.
(b) Post the transactions to appropriate ledger books using T-account and balance off the ledgers by closing the accounts at month end.
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