Record the transactions in the respective journals

Assignment Help Financial Accounting
Reference no: EM132990749

Question - Below are the transactions for Sun Enterprise for the month of July 2020. Record the transactions in the respective journals and post to the respective ledger accounts and trial balance as of 31st July 2020.

July 1 Started a business with RM8 500 cash.

July 3 Put RM6 500 of the cash into bank account.

July 4 Bought stationery for cash RM550.

July 6 Purchased motor vehicles on credit from Kahaya Sdn.Bhd RM20 000.

July 9 Received cheque RM5 000 being loan from Alliaz Sdn. Bhd.

July 12 Paid wages for cash RM350.

July 18 Paid rent by cheque RM500.

July 20 Bought office furniture on credit from Muji Furnitures RM5 000.

July 24 The owner took RM200 cash for personal use.

July 30 Paid Muji Furnitures RM 1000RM by cheque for the office furniture bought on 20 July.

July 31 Paid telephone bills RM.

Reference no: EM132990749

Questions Cloud

Explain the meaning in the context of a general purpose : Explain the meaning and impact of this phrase in the context of a general purpose financial report with particular reference to the conceptual framework
Health care facilities make profit : Are hospitals competing on the basis of price, quality, or both? Should hospitals and other health care facilities make a profit? Why or why not?
Development of adaptive strategies : Why should program evaluation be used for public health and not-for-profit institutions in the development of adaptive strategies?
What regular deposit will be needed : You will make 12 level deposits (quarterly) with the first deposit today. If you earn 8.4% per annum compounding quarterly, what regular deposit will be needed?
Record the transactions in the respective journals : Record the transactions in the respective journals and post to the respective ledger accounts and trial balance as of 31st July 2020
Acquisition of amc and legendary entertainment case study : Regarding the "China goes to Hollywood" Wanda's acquisition of AMC and Legendary entertainment case study - With reference to the PMI matrix, "POST MERGER INTEG
Understand variance reporting : What is it important for a nurse leader to understand variance reporting? How does this reporting become a valuable tool?
What drives the bhp shares prices : What drives the BHP shares prices, and how the Covid-19 pandemic impacts the shares of the company. You are also encouraged to use data and data analysis.
Development of inclusive leadership practice and processes : Ferdman, B. M., & Deane, B. R. (2014). Chapter 10: The development of inclusive leadership practice and processes. In Diversity at work: The practice of inclusi

Reviews

Write a Review

Financial Accounting Questions & Answers

  Evaluate the overhead assigned to each product using abc

Determine the overhead assigned to each product using the traditional cost system. Evaluate the overhead assigned to each product using ABC

  How much will kathy blooms increase its van account

Kathy’s Blooms purchased a delivery van for $20,000. The company was given a $2,000 cash discount by the dealer, and paid $1,000 sales tax. Annual insurance on the van is $500. As a result of the purchase, by how much will Kathy’s Blooms increas..

  Cleveland metals uses a job cost system and applies factory

cleveland metals uses a job cost system and applies factory overhead to production at a predetermined rate of 180 of

  Determine the carrying value of bonds payable on december

How to Determine the carrying value of bonds payable on December 31, 2018. Determine the discount on bonds payable on December 31, 2017.

  What is the break-even point in units for Poseidon Swim

Poseidon Swim has average fixed costs per year of $57,776. What is the break-even point in units for Poseidon Swim

  Calculate the Owners Equity as at August

Calculate the Owner's Equity as at August 31 using the accounting equation, clearly showing the total assets and total liabilities of the WHOLESOME Company

  What was the fair value of consideration paid

What are the components of acquisition costs, e.g. cash consideration and noncash consideration? What was the fair value of consideration paid?

  What is his standard deduction

During the year, he made only a nominal amount of disbursements of the type that qualify as itemized deductions of $3,290. What is his standard deduction for 2010?

  Respect to the formation and operation of the partnership

Bob and Kate form the BK Partnership, a general partnership, as equal partners. Bob contributes an office building with a $130,000 FMV and a $95,000 adjusted basis to the partnership along with a $60,000 mortgage, which the partnership assumes. What ..

  Prepare journal entries to record the transactions

Applications for 10,000 shares were rejected and the application money was refunded. Prepare journal entries to record the above transactions

  Prepare variable costing and absorption income statements

You will need to prepare variable costing and absorption income statements with one column showing the results if 30,000 units are produced

  What would be the next steps for improvement

Also, in your view, what would be the next steps for improvement that the company would need to undertake in order to correct the problem? Explain your reasoning.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd