BKAN1013 Topik 2 : On Mac 1, 2020, Ali begins a business that will be known as Jahitan Ali

Economic Events Asset = Liability + Owners’ Equity

Revenue Expense Capital W/drawal

Cash Supplies Land = Ac + Fees Wages Rent Supplies Utilities Misc

Payable Earned
a Ali deposits RM25,000 in a bank +25000 = +25000
account in the name of Jahitan Ali.
b Jahitan Ali exchanged RM20,000 for -20000 +20000 =
land.
c During the month, Jahitan Ali +1350 = +1350
purchased supplies for RM1,350
and agreed to pay the supplier in
the near future (on account).
d Jahitan Ali provided services to +7500 = +7500
customers, earning fees of RM7,500
and received the amount in cash.
e Jahitan Ali paid the following -3,650 = -2,125 -800 -450 -275
expenses: wages, RM2,125; rent,
RM800; utilities, RM450; and
miscellaneous, RM275.

f Jahitan Ali paid RM950 to creditors -950 = -950

during the month.

g At the end of the month, the cost of -800 = -800

supplies on hand is RM550, so
RM800 of supplies were used.

h At the end of the month, Ali -2000 = -2000

withdrew RM2,000 in cash for
personal use.
TOTAL +5900 +550 +20000 = +400 +7500 -2125 -800 -800 -450 -275 +25000 -2000
+26450 +400 = +7500 -4450 +25000 -2000