Homework Answers
a. Owner's equity on March 1, 2018 = RM ( 15,000 + 2 x 2,000) = RM 19,000
b. Net profit for the month of March: RM 500
| Revenue | 3,750 | |
| Expenses: | ||
| Supplies Expense | 1,200 | |
| Rental Expense | 1,000 | |
| Advertising Expense | 350 | |
| Utilities Expense | 700 | |
| Total Expenses | 3,250 | |
| Net Profit | RM 500 |
c. It is an addition to asset and capital, but not to revenue. Cash will increase by RM 1,500 and Ayda's Capital Account will also increase by RM 1,500. But revenue does not increase as a result of this transaction.
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Question 1
Selected transactions for Bakar Enterprise, an interior
decorator, are as follows:
March
2
Invested RM15,000 cash in business.
3
Purchased used car for RM4,000 cash for use in business.
9
Purchased supplies on account for RM500 .
11
Billed customer RM1,800 for services performed.
16
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Paid Ah Meng RM400 cash on balanced owed.
28
Paid RM1,500 cash salary to administrative assistant.
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Question 1
Selected transactions for Bakar Enterprise, an interior
decorator, are as follows:
March
2
Invested RM15,000 cash in business.
3
Purchased used car for RM4,000 cash for use in business.
9
Purchased supplies on account for RM500 .
11
Billed customer RM1,800 for services performed.
16
Paid RM200 cash for advertising.
20
Received RM700 cash from customers billed on 11 March.
23
Paid Ah Meng RM400 cash on balanced owed.
28
Paid RM1,500 cash salary to administrative assistant.
29...
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