Sammistarted herbusiness on 1 January 2021 called Trendy. You are required to prepare the GENERAL JOURNAL for the following transactions of Trendy for the first month of operations. Narratives are not required for each journal entry. Jan 01 Sammi invested RM50,000 cash into the business. Jan 02 Trendy purchased used motor
Sammistarted herbusiness on 1 January 2021 called Trendy. You are required to prepare the GENERAL JOURNAL for the following transactions of Trendy for the first month of operations. Narratives are not required for each journal entry. Jan 01 Sammi invested RM50,000 cash into the business. Jan 02 Trendy purchased used motor
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 5PA: Inner Resources Company started its business on April 1, 2019. The following transactions occurred...
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Sammistarted herbusiness on 1 January 2021 called Trendy. You are required to prepare the GENERAL JOURNAL for the following transactions of Trendy for the first month of operations. Narratives are not required for each
| Jan 01 | Sammi invested RM50,000 cash into the business. |
| Jan 02 | Trendy purchased used motor vehicle for RM20,000. |
| Jan 08 | Trendy paid rent for RM4,000. |
| Jan 08 | Trendy completed work for a client and immediately received RM15,000. |
| Jan 12 | Sammi signed a RM50,000 small business loans with CIMB Bank under Trendy's name. |
| Jan 15 | Ideal Homes renovated and installed fixtures and fittings at a cost of RM3,000. Trendy will pay the bill at a later date. |
| Jan 15 | Trendy paid RM1,000 cash for advertisement in a local magazine. |
| Jan 28 | Trendy completed work for another client on credit and invoiced the client RM5,000.The client is allowed to settle the bill within 30 days. |
| Jan 30 | Trendy paid ideal Homes that installed the fixtures and fittings earlier. |
| Jan 30 | Trendy paid RM150 for usage of electricity for the month. |
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