Question

1. Record the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transaction.

1. Shareholders invested RM32,000 cash and equipment valued at RM14,000 in the business.
2. Hired a secretary-receptionist at a salary of RM350 per week payable monthly.
3. Purchased supplies on account RM700.
4. Paid office rent of RM600 for the month.
5. Completed a tax assignment and billed client RM1,100 for services provided.
6. Received RM3,200 advance on a management consulting engagement.
7. Received cash of RM2,300 for services completed for XYZ Co.
8. Paid insurance expense RM450.
9. Paid salaries RM1,160 for the month.
10. Account of supplies indicated that RM1200 of supplies had been used.
11. Purchased a new computer for RM6,100 with personal funds. (The computer will be used exclusively for business purposes.)

Required:

Journalize the transactions in the general journal. (Omit explanations.)

2. The following accounts are taken from the ledger of Bukhary Enterprise at December   31, 2019.

Accounts Payable 9,000 Accounts Receivable 3,000 Cash 8,800         Equipment                                              17,000

Share Capital-Ordinary 20,000 Dividends 1,200 Service Revenue 8,000 Salaries and Wages Expense 6,000 Utilities Expense 1,000

Answer 1

1.