Ah Tong opened a boat hire business; Ah Tong Sdn. Bhd. in August 2009. The following transactions occurred during the first month of the business.
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August. 1 |
Ah Tong invested RM15,000 in cash in the business. |
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3 |
Paid RM590 for August rent of premises. |
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4 |
Purchased equipment costing RM7,000 with a cash for RM3,000 and a RM4,000 |
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commercial loan from Hong Leong Bank. |
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|
5 |
Purchased supplies costing RM250 on credit. |
|
15 |
Recorded revenue for the first half of the month of RM1,530 in cash and |
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RM70 on credit. |
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|
18 |
Paid for supplies purchased on 5th August 2009, RM250. |
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19 |
Paid insurance expense for August of RM190. |
|
24 |
Received payment from customer on account of RM40. |
|
29 |
Recorded revenue for the second half of the month of RM1,330 in cash and |
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RM60 on credit. |
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30 |
Paid telephone expense of RM60 in cash. |
Instructions:
(a) Prepare general journal entries to record the transactions.
(b) Prepare a Trial Balance as at 31 August 2009.
(a) Prepare an Income Statement for the month of August 2009.
(b) Prepare a Balance Sheet as at August 31, 2009.