Q1. Indicate whether the following items are A (Assets), L (Liabilities), R(Revenues) or E(Expenses)
(i) Cash
(ii) Bank Loan
(iii) Equipment
(iv) Notes Payable
(v) Insurance
(vi) Salaries
(vii) Furniture and Fittings
(viii) Accounts Payable
(ix) Accounts Receivable
(x) Sales
(xi) Suppliers
(xii) Advertising
(xiii)Salaries Payable
(xiv) Motor Vehicle
Q2. Che Wan opens a beauty salon on 1 February 2008. During the first month of operation the following transactions occurred:
February 1: Che Wan invested RM150,000 of her own cash in the business and borrowed RM100,000 from a bank
2: She paid cash for furniture and fittings for the shop costing RM25,000.
5: Purchased on credit beauty supplies worth RM4,000.
7: Performed makeup service for a wedding and billed the customer for RM5,000.
10: Che Wan withdrew RM20,000 and invested it in a restaurant business.
12: Che Wan renovated her apartment, paying RM10,000 from her own funds.
15: Provided beauty consultation for a client and receivedRM3,000 cash for her service.
16: Purchase a second hand car for business use. She paid RM5,000 cash and borrowed another RM15,000 from a bank.
17: Received RM3,000 cash as partial payment for service rendered on 7th February.
25 Paid the full amount owed for beauty products purchased on 5th February.
27 Purchased beauty supplies worth RM5,000 for cash.
28 Paid the following expenses for cash:
Electricity RM100
Rental RM1,500
Workers Salaries RM2,000
You are required to:
(a) Analyse the effects (increase _, decrease _) the above transactions have on accounting equations and identify the specific accounts affected; and
(b) Analyse the effects of the above transactions to the accounting equations
Answers: 3
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Q1. Indicate whether the following items are A (Assets), L (Liabilities), R(Revenues) or E(Expenses)...
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