Question

QUESTION 3 Below are the transaction for Sintokish Enterprise as October 2020: Oct1 Contributed RM30,000 of...

QUESTION 3

Below are the transaction for Sintokish Enterprise as October 2020:

Oct1 Contributed RM30,000 of cash and RM20,000 of equipment to start the business.
Oct 3 BorrowedRM80,000 from the bank by signing a notes payable.
Oct 15 Purchaseda van by paying cash for RM75,000.
Oct 17 Paid January rent of RM1,500 for the office space by credit.
Oct 22 Performed services for customers and received cash immediately for RM20,000.
Oct 23 PurchasedRM600 in supplies on account.
Oct 25 Performed services for customers and will collect next month of RM123,000
Oct 26 Withdrew of cash RM700 and equipment RM300.
Oct 28 Paid RM1000 to the bank for notes payable.
Oct 30 Paid half of amount for Oct 23 transaction.

REQUIRED: Analyze the above transactions by preparing accounting equation for Sintokish Enterprise.

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Analyze the transactions described below and indicate their effect on the basic accounting equation. Use a...
Analyze the transactions described below and indicate their effect on the basic accounting equation. Use a plus sign (+) to indicate an increase and a minus sign (—) to indicate a decrease. Assets = Liabilities + Owner's Equity 1. Received cash for services performed. ________ ________ ________ 2. Purchased office equipment on credit. ________ ________ ________ 3. Paid employees' salaries. ________ ________ ________ 4. Received cash from customer in payment on account. ________ ________ ________ 5. Paid telephone bill for...
For each transaction below, indicate the account to be debited and the account to be credited....
For each transaction below, indicate the account to be debited and the account to be credited. No Transaction Debit Credit 1. Invested cash in the business. 2. Received cash for services rendered. 3. Paid salaries by cheque for the week. 4. Bought equipment on credit. 5. Purchased a printer in cash. 6. Borrowed money from the bank. 7. Withdrew cash for personal use. 8. Paid rent by cheque for the month. 9. Issued cheque for the petty cash. 10. Paid...
Question 3 What will be the double entry for below-mentioned transactions? Complete the table. Transaction Accounts...
Question 3 What will be the double entry for below-mentioned transactions? Complete the table. Transaction Accounts to be debited Accounts to be credited example Bought a van with cheque. Van Bank Purchase furniture with cash. 2. Sold goods to Maniam Trading on credit. 3. Made cash sates. 4. Owner brought in additional capital in the form of a motor vehicle. 5. Made credit purchases from Zarina Enterprises. 6. Paid cash for petrol that is used in delivery van. 7. Received...
With referring to the basic accounting equation: Assets = Liabilities + Owner’s Equity, determine the effect...
With referring to the basic accounting equation: Assets = Liabilities + Owner’s Equity, determine the effect of the following transactions to the equation. Oct 1 Commenced business with cash RM200,000, land RM50,000, and equipment RM35,000.         5 Purchased furniture of RM5,000 on account.          7 Purchased supplies for a month, RM500, cash. 10 Provided services to Hakimi RM1,700, on account. 11 Received cash, RM500, from services performed to Saadiah.         17 Received cash from Hakimi.         20 Paid creditor in...
QUESTION Casey launched a new business, KC Hairven (KCH) that began operations on 1 June. The...
QUESTION Casey launched a new business, KC Hairven (KCH) that began operations on 1 June. The following transactions were completed by the company during the first month: June 1 Casey invested RM15,000 cash in the business, KC Hairven (KCH). 1 Hired 2 assistants for KCH with salary RM1,800 which will be paid on 25th every month. 2 Purchased equipment RM2,400 on credit from SLM Machine 5 Performed service to customers and received RM650, by cash. 11 Performed RM600 cutting service...
TASK 1 : 1. Hani owns a consulting firm named Hani Consultancy on January 2019. The...
TASK 1 : 1. Hani owns a consulting firm named Hani Consultancy on January 2019. The following transactions occurred during the month of January 2019. January Transactions 1 Lina invested RM50,000 cash in the business. 2 Paid office rental for the month for RM6000. 3 Purchased supplies worth RM4000 on account. 5 Paid RM300 for advertisement purposes in a newspaper. 7 Interviewed candidates for job vacancy with monthly salary of RM2,700. 9 Received RM27,000 cash for services provided. 12 Office...
Mincs Investments Inc. had the following transactions listed in the "transaction" column below. Instructions: Complete the...
Mincs Investments Inc. had the following transactions listed in the "transaction" column below. Instructions: Complete the chart indicating: (a) Whether each transaction should be classified as an Operating (0), Investing (I) or Financing (F) activity, or No effect (NE) (b) The amount of cash inflow (+), outflow (-) or if it has no effect on cash (NE) and the amount. Transaction Classification Cash Inflow or Outflow Example: Paid accounts payable $25,000 O -$25,000 Sold equipment for $1,500. Paid insurance for...
Date Accounts involved in transaction? Classification of the account? Increasing or Decreasing? Debit or Credit the...
Date Accounts involved in transaction? Classification of the account? Increasing or Decreasing? Debit or Credit the Account? Amount? July 2 Received $14,000 (cash) contribution from Brett Lawrence, owner, in exchange for capital. Tell me what happen to the business today in your own words? Example: The business got cash from the owner. Cash Asset Increasing Debit $          12,000 London, Capital Capital Increasing Credit $          12,000 July 4 Paid (cash) for utilities expense of $370. July 5 Purchased equipment on account,...
Transaction Analysis: Match each of the following transactions of L. Boyd & Company with the appropriate...
Transaction Analysis: Match each of the following transactions of L. Boyd & Company with the appropriate letters, indicating the debits and credits to be made. The key for the letters follows the list of transactions. 1. Stockholders contributed cash to the business. Example Answer: A and F 2. Purchased equipment on account. 3. Received and immediately paid advertising bill. 4. Purchased supplies for cash. 5. Borrowed money from a bank, giving a note payable. 6. Billed customers for services rendered....
Wildhorse Co. Trial Balance October 31, 2020 Debit Credit Cash $15,000 Supplies 2,600 Prepaid Insurance 600...
Wildhorse Co. Trial Balance October 31, 2020 Debit Credit Cash $15,000 Supplies 2,600 Prepaid Insurance 600 Equipment 4,000 Notes Payable $4,300 Accounts Payable 2,500 Unearned Service Revenue 1,000 Common Stock 10,400 Retained Earnings –0– Dividends 700 Service Revenue 10,400 Salaries and Wages Expense 4,900 Rent Expense 800 $28,600 $28,600 Assume the following adjustment data. 1. Supplies on hand at October 31 total $500. 2. Expired insurance for the month is $100. 3. Depreciation for the month is $80. 4. Services...