5. Record the following transactions for the month of November 2020 in the general journal and post to the appropriate ledger account and balance all the accounts the prepare the trial balance as November 2020. Nov 1 Started business with RM6,000 in the bank 2 Bought goods on credit from Ab Bhd RM 390 and XY Trading RM710 5 Cash sales RM240 7 Paid rent by cheque RM30 9 Paid sundry expenses by cheque RM200 11 Sold goods on credit to Mina RM80 and Chee RM1,150 16 Paid wages by cash RM45 18 Returned goods to AB Bhd RM20 and XY Trading RM35 19 Goods returned by Mina RM10, and Chee RM50 21 Bought motor van on credit from Tan Ching Motor RM8,000 24 Paid AB Bhd RM250land XY Trading RM400 by cheque 27 Received a loan of RM500 cash from Aman 29 Received a cheque from Mina RM70 and Chee RM600 30 The owner deposited a further RM1,000 into a business bank account
5. Record the following transactions for the month of November 2020 in the general journal and post to the appropriate ledger account and balance all the accounts the prepare the trial balance as November 2020. Nov 1 Started business with RM6,000 in the bank 2 Bought goods on credit from Ab Bhd RM 390 and XY Trading RM710 5 Cash sales RM240 7 Paid rent by cheque RM30 9 Paid sundry expenses by cheque RM200 11 Sold goods on credit to Mina RM80 and Chee RM1,150 16 Paid wages by cash RM45 18 Returned goods to AB Bhd RM20 and XY Trading RM35 19 Goods returned by Mina RM10, and Chee RM50 21 Bought motor van on credit from Tan Ching Motor RM8,000 24 Paid AB Bhd RM250land XY Trading RM400 by cheque 27 Received a loan of RM500 cash from Aman 29 Received a cheque from Mina RM70 and Chee RM600 30 The owner deposited a further RM1,000 into a business bank account
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter24: Recording International And Internet Sales
Section: Chapter Questions
Problem 1MP
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
Question
Transcribed Image Text:5. Record the following transactions for the month of November 2020 in the general
journal and post to the appropriate ledger account and balance all the accounts the
prepare the trial balance as November 2020.
Nov 1 Started business with RM6,000 in the bank
2 Bought goods on credit from Ab Bhd RM 390 and XY Trading RM710
5 Cash sales RM240
7 Paid rent by cheque RM30
9 Paid sundry expenses by cheque RM200
11 Sold goods on credit to Mina RM80 and Chee RM1,150
16 Paid wages by cash RM45
18 Returned goods to AB Bhd RM20 and XY Trading RM35
19 Goods returned by Mina RM10 and Chee RM50
21 Bought motor van on credit from Tan Ching Motor RM8,000
24 Paid AB Bhd RM250land XY Trading RM400 by cheque
27 Received a loan of RM500 cash from Aman
29 Received a cheque from Mina RM70 and Chee RM600
30 The owner deposited a further RM1,000 into a business bank account
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