Tutorial Chapter 3 Solution
Accounting Cycle II
Question 1
Selected transactions for Anna, an interior decorator, in her first month of business, are as follows.
Jan 2 Invested RM25,000 cash in business. 3 Purchased used car for RM6,000 cash for use in business. 9 Purchased supplies on account for RM1,000. 12 Billed customer RM2,000 for service performed. 16 Paid RM250 cash for advertising expenses. 18 Received RM1,000 cash from customers billed on January 12. 24 Paid creditor RM500 cash on balance owed. 28 Withdrew RM1,500 cash for personal use of owner. 29 Paid salary RM1,000 cash. 29 Paid RM200 cash for utilities. 31 Received RM2,000 cash for the service performed.
