b) Complete the following table showing which accounts to be debited and which are to be credited in the spaces provided. a. Started a business with cash in hand b. Bought furniture & fittings by credit purchase, payable to Min Min Sdn Bhd C. Paid commission by cheque to an agent for product sold. d. The owner withdrew cash from the bank for self-use. Pay salaries to employees by online banking with total of RM 30,000 e. Debit Credit

b) Complete the following table showing which accounts to be debited and which are to be credited in the spaces provided. a. Started a business with cash in hand b. Bought furniture & fittings by credit purchase, payable to Min Min Sdn Bhd C. Paid commission by cheque to an agent for product sold. d. The owner withdrew cash from the bank for self-use. Pay salaries to employees by online banking with total of RM 30,000 e. Debit Credit

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter5: Cash Control Systems

Section: Chapter Questions

Problem 3AP

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n 1. Enter the following transactions in T accounts. Label each debit and credit with the letter identifying the transaction. Prepare a trial balance at June 30. On June 8, Lynne Jones opened a bank account in the name of her new business, Bluegrass company, by making a bank deposit of $82,000 cash. On June 12, Purchase a small office building located on a large lot for a total price of $91,200, of which $48,000 was applicable to the land and $43,200 to the building. A cash payment of $18,240 was made and a note payable was issued for the balance of the purchase price. On June 14, office equipment was purchased at a cost of $7,100. A cash down payment of $1,100 was made, and it was agreed that the balance should be paid within 30 days. On June 20, withdrew $1,100 cash from the business for personal use. On June 25, paid $450 for publication of newspaper advertising. On June 26, paid salaries $6,500 to employees for services rendered.
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1.How do you consider post-dated check in the statement of financial position? A.cash and cash equivalent B accounts receivable C accounts payable D cash in bank 2.Which of the following describes accrual accounting? A On September 20, the company record sales for the cash received from customers. Delivery of the items will be on October 5. B On September 20, the company record utility expense for the Meralco bills. Payment will be made on due date October 5. C On September 20, the company record sales for the items delivered and collected. D On September 20, the company record rent expense for the rental paid for the current month. 3. Which of the following describes merchandise inventory? A.Bought 5 cars for sale. B.Bought 5 cars for delivery services. C.Bought 5 cars for company's use. D.Bought 5 cars for raffle. 4. Which of the following expenses is a result of association cause and effect method? A.utility expense B. depreciation expense C.salaries expense D. sales…
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