Selected transactions for Lily, an interior decorator, in her first month of business, are as follows.
|
Jan 2 |
Invested RM 25,000 cash in business. |
|
Purchased used car for RM 6,000 cash for use in business. |
|
|
Purchased supplies on account for RM 1,000. |
|
|
12 |
Billed customer RM 2,000 for service performed. |
|
16 |
Paid RM 250 cash for advertising expenses. |
|
18 |
Received RM 1,000 cash from customers billed on January 12. |
|
24 |
Paid creditor RM 500 cash on balance owed. |
|
28 |
Withdrew RM 1,500 cash for personal use of owner. |
|
29 |
Paid salary RM 1,000 cash. |
|
31 |
Paid RM 200 cash for utilities. |
Instructions:
1) Journalize the above transactions.
2) Post to ledger.
3) Prepare Income Statement and Balance Sheet for the month.