On 1 January 2021, Mr. Soo Mee established Fancy Interior Design Enterprise. The following transactions...
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On 1 January 2021, Mr. Soo Mee established Fancy Interior Design Enterprise. The following transactions had taken place during the first month of the operation. January 1 4 5 16 18 Invested RM150,000 cash and RM15,000 office equipment to the business. Purchased office supplies RM2,800 on credit. Purchased a new car for RM33,500. Paid RM3,300 in cash as for deposit and the balance is on account. Performed services to customers for RM9,000 and received RM5,000 in cash, the balance is on account. Received RM5,000 for advance payment from customer for the decoration project scheduled on 7 February. Paid creditors RM1,500 for the office supplies purchased on 4 January Received full settlement from a client for the transaction on 16 January. Made payment RM550 for monthly repayment of the car purchased on 5 January Paid RM3,600 for employee salaries. Paid rent and utility expenses for the month RM1,400 and RM600, respectively Withdrew cash RM2,000 for personal use. 20 28 30 30 31 31 REQUIRED: (a) Journalise the transactions for the month of January for Fancy Interior Design Enterprise. (Explanation is not required). (14 Marks) (b) Prepare Cash Account and determine the account balance. (6 Marks)
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