Question

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Question 3

Wendy opened a hair care products shop in Georgetown in September 2020. During the first month of operations, the business completed the following transactions.

Sep 1 Wendy invested RM80,000 cash into the business.

Sep 2 She obtained a bank loan of RMB0,000 for the business 

Sep 8 Bought goods on credit for RM75,000 from Century Saloon Supply

Sep 10 Distributed free sample worth RM1,000 from her stocks

Sep

12 Shampoo costing RM180 was taken from business stock as a personal gift to her friend

Sep 16 Purchased a cash register worth RM2,500 on credit from Smart Solution

Sep 17 Brought in his personal computer worth RM3,800 for business use

Sep 19 Installed a security system for his office, total bill received from his supplier, Secure System was RM9,600

Sep 24 Withdrawn goods bought for resale for her personal use, value of the goods was RM680

Sep 28 Withdrew RM800 from business bank account for her personal use

Required:

Record the above transactions in the GENERAL JOURNAL. Narratives are not required. (20 marks)

Answer 1

Data	General Journal	Debit	Credit
Sep-01	Cash	RM80,000
	Capital		RM80,000
Sep-02	Bank Account / Cash	RM80,000
	Bank Loan		RM80,000
Sep-08	Inventory	RM75,000
	Accounts payable (Century Saloon)		RM75,000
Sep-10	Advertisement Expense (Free Sample)	RM1,000
	Inventory		RM1,000
Sep-12	Drawings	RM180
	Inventory		RM180
Sep-16	Stationery (Cash register)	RM2,500
	Accounts Payable (Smart Saloon)		RM2,500
Sep-17	Computer	RM3,800
	Capital		RM3,800
Sep-19	Security System	RM9,600
	Accounts Payable (Secure System)		RM9,600
Sep-24	Drawings	RM680
	Inventory		RM680
Sep-28	Drawings	RM800
	Bank Account/ Cash		RM800