Accounting
Below are the transactions for Alex in Jan 2019:
1 Alex commenced business by depositing cash RM80,000 in the bank as capital
4 A machine was purchased and paid for with company cheque for RM42,000 8 Alex purchased goods for resale amounting to RM17,500 on credit
12 Alex made a cash sales of RM4,800; cost of good sold was RM2,600
16 Alex received a bank loan of RM30,000, the money was credited to the business bank account
20 Alex brought in his personal car for business use, the car was valued at RM65,000
23 Alex purchased goods for resale amounting to RM35,600, he paid the supplier by cheque
27 Alex paid supplier RM17,000 for the goods purchased on 8 Jan 2018, discount received RM500
30 Alex bought a computer for RM5,200 by cheque
Required: Prepare the accounting equation for the month of January 2019.
Homework Answers
| Accounting Equation for the Month of January 2019 | ||||||||||||||||
| Transaction | Balance Sheet | Income Statement | ||||||||||||||
| Assets | = | Liabilities | + | Equity | Revenue | - | Expense | = | Net Income | |||||||
| Cash | + | Inventory | + | Equipment | = | Accounts Payable | + | Bank Loan | + | Alex, Capital | ||||||
| Jan. 1 | 80000 | + | + | = | + | + | 80000 | - | = | |||||||
| Jan. 4 | -42000 | + | + | 42000 | = | + | + | - | = | |||||||
| Jan. 8 | + | 17500 | + | = | 17500 | + | + | - | = | |||||||
| Jan. 12 Sale | 4800 | + | + | = | + | + | 4800 | 4800 | - | = | 4800 | |||||
| Jan. 12 Cost | + | -2600 | + | = | + | + | -2600 | - | 2600 | = | -2600 | |||||
| Jan. 16 | 30000 | + | + | = | + | 30000 | + | - | = | |||||||
| Jan. 20 | + | + | 65000 | = | + | + | 65000 | - | = | |||||||
| Jan. 23 | -35600 | + | 35600 | + | = | + | + | - | = | |||||||
| Jan. 27 | -17000 | + | -500 | + | = | -17500 | + | + | - | = | ||||||
| Jan. 30 | -5200 | + | + | 5200 | = | + | + | - | = | |||||||
| Balance | 15000 | + | 50000 | + | 112200 | = | 0 | + | 30000 | + | 147200 | 4800 | - | 2600 | = | 2200 |
| 177200 | = | 30000 | + | 147200 | ||||||||||||
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