Reference no: EM132832169
Question - Farhad started a business that offers legal services on 1 December 2020. The following are transactions that occurred during December 2020:
i) Farhad brought in RM50,000 cash and office equipment worth RM12,000 into the business.
ii) Bought a car for his use worth RM112,000 by paying cash (company's money) of RM12,000 and signing a note payable for the balance.
iii) Provided legal services to a client worth RM7,000 and received cash of RM3,000 from the client.
iv) Purchased office supplies worth RM2,000 cash.
v) Paid RM700 cash for advertising expenses for December 2020.
vi) Sent a bill totalling RM5,000 to a client for the legal service provided and yet to receive payment.
vii) Received RM3,000 cash as an agreement to start work as a legal advisor for a company starting January 2021.
viii) Paid RM3,600 cash for employees' salary.
ix) Paid RM2,400 cash for December office rental.
x) As at 31 December 2020, the office supplies used is RM400.
Required - Based on the above information, you are required to:
a) Show the effects of all the above transactions in the accounting equation.
b) Prepare the journal entries to record all transactions.
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