(ii) The following transactions are the activities of Excel Ltd in the month of August 2021. Aug Started a business with cash in hand RM45,000, and cash at bank RM80,000. 8 Bought electrical appliances RM10,600 by cheque. 14 Bought goods RM15,000 by cash. 26 Paid office expenses RM500 by cash. 30 Sold goods RM10,000 to Rahim by credit. Discount 5%

(ii) The following transactions are the activities of Excel Ltd in the month of August 2021. Aug Started a business with cash in hand RM45,000, and cash at bank RM80,000. 8 Bought electrical appliances RM10,600 by cheque. 14 Bought goods RM15,000 by cash. 26 Paid office expenses RM500 by cash. 30 Sold goods RM10,000 to Rahim by credit. Discount 5%

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following transactions occurred during the month of October 2021. Date 1 2 3 4 5 6 7 9 11 12 13 14 16 20 28 30 Transactions Balance brought forward from last month: Cash RM 295; Bank RM 4,240. Cash sales RM310. Took RM 200 out of the cash register and paid it into the bank Farid paid us by cheque RM194. We paid for postage stamps in cash RM80. Bought office equipment by cheque RM310. We paid Roslan by cheque RM94. Received business refund by cheque RM115. Withdrew RM 150 from the bank for business use. Paid wages in cash RM400. Cash sales RM430. Paid motor expenses by cheque RM81. Jamal lent us RM1,500 in cash. Kamarul paid us by cheque RM174. We paid general expenses in cash RM35. Paid insurance by cheque RM320. Required: Prepare a two-columns cash book for the month of October 2021.
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6. At January 1, 2020, Teal Inc. had accounts receivable of $73,000. At December 31, 2020, accounts receivable is $54,000. Sales revenue for 2020 total $451,000.Compute Teal’s 2020 cash receipts from customers. Cash receipts from customers $
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Q6: Braden Corporation's bank requires monthly financial statement. On its February 28, 20X1 financial statements, Braden reported total assets $325,000 and total equity of $65,000. On March 1, 20X1 Braden Corporation borrows $80,000 cash from the local bank and immediately upon receiving the funds: (a) Braden paid $28,000 to their vendor, Express Company, representing the amount owed for a purchase of supplies made on account in December 20X0. (b) Braden paid $20,000 for employee work performed in January and February 20X1. (c) Braden purchased $10,000 of new supplies from Express Company (Braden paid cash since Express is no longer allowing Braden to purchase supplies on account). Consider the company's accounting equation as of March 31st 20X1 and select the answer below that correctly describes the company's total liabilities as of this date (ignoring loan interest): A. $340,000 B. $312,000 C. $292,000 D. $282,000 E. None of the answers provided are correct.