Prepare cash account and determine the account balance

Assignment Help Managerial Accounting

Reference no: EM132816156

On 1 January 2020, Mrs. Marissa established Faster Enterprise in providing courier services for the Jitra Valley. The following transactions had taken place during the first month of its operation.

January

1 RJ had invested RM100,000 cash and RM35,000 office equipment to the business as a means of capital.
6 Purchased office supplies RM10,000 on credit.
8 Purchased a second-hand van for RM35,000 in cash.
17 Completed services to customers for RM40,000 in cash.
20 Paid creditors RM5,000 for the office supplies purchased on 6 January.
25 Completed services for customer amounting RM25,000 and billed to the account.
29 Paid RM5,000 for employee salaries.
29 Paid electric and miscellaneous expenses for the month RM2,000 and RM2,500 respectively.
29 RJ withdrew cash RM10,000 for personal use.
30 Customer paid his bill in full amount for the services rendered on 25 January.

REQUIRED:

Problem (a) Journalise the transactions for the month of January 2020. (Explanation is not required).

Problem (b) Prepare Cash Account and determine the account balance.

Reference no: EM132816156

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