QUESTION 1 Sintok BizSolution Sdn Bhd was established in 2018 and offers business consulting services....
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Accounting
QUESTION 1
Sintok BizSolution Sdn Bhd was established in 2018 and offers business consulting services. Demand for the companys services increased as many businesses were affected during the Cnvid-19 pandemic era. The following is a list of records of the companys assets and liabilities as of January 1, 2021.
Akaun
RM
Cash
50,000
Account Receivable
35,000
Office Supply
17,000
Accounts Payable
15,000
Below are the company's transactions that took place during January 2021:
2021
2
Make a loan with Bank DeRakyat of RM25,000.
3
Pay office rent in cash, RM4,500.
6
Purchase office supplies on credit, RM l5,000.
10
Received a cash payment of RMl2,000 for services
customers
l5
Billing customers for services provided, RM9,500.
28
Paid half of office supplies purchased on January 6, 2021.
31
Pay employee salary, RM l8,000.
Be required:
Based on the information above. state the effect of each transaction on the accounting equation below. Next, determine the final balance for each account that is involved as at 31 January 2021.
ASSETS = LIABILITIES + OWNERS 'EQUITY
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