Professional Documents
Culture Documents
1. Indicate whether each account listed below is a(n) asset (A), liability (L), owner’s equity (OE),
revenue (R), or expense (E) account. Next to each answer, indicate whether the account’s normal
balance is a debit (Dr) or a credit (Cr).
2. State the account to be debited and the account to be credited for the following transactions.
Choose from the following list of accounts:
Debit Credit
a. Owner invests cash into the business. ___________ ___________
3. Amin started a catering service called Amina Catering. During the first month of operations, January
2017, the business completed the following selected transactions:
1
AA015 Chapter 2, lecture/Nor Ismah Isa
i. Amin began the company with an investment of RM 50,000 cash and a van valued at RM 26,000.
ii. Paid RM 8,000 cash for food service equipment.
iii. Purchased supplies on account, RM 14,800.
iv. Paid employee salary, RM 12,600 cash.
v. Received RM 4,000 cash for a catering job.
vi. Performed services at a wedding on account, RM 8,600.
vii. Paid RM 12,000 cash as a partial payment for Transaction iii.
viii. Received a RM 1,600 bill for advertising expense that will be paid in the near future.
ix. Received cash on account, RM 2,200.
x. Paid the following cash expenses: Rent RM 3,000, Insurance RM 1,600.
xi. Amin withdrew RM 12,000 cash for personal use.
ii.
iii.
iv.
v.
vi.
vii.
viii.
ix.
x.
xi.
total
∑ total
4. Gladys Yuan is a research analyst who operates under the business title Yuan Research. During April
2017, the company engaged in the following transactions:
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AA015 Chapter 2, lecture/Nor Ismah Isa
10
19
21
22
30
30
30
1 40,000 40,000
5 -400 -400
10 600 600
19 -100 -100
21 -25,000 25,000
22 15,000 15,000
30 -3,850 -3,850
30 1,300 2,400 3,700
30 -1,200 -1,200
3
AA015 Chapter 2, lecture/Nor Ismah Isa
Suria opened a renovation business called Hias Suri Sdn Bhd on September 3, 2016. During the first month of
operations, the business completed the following transactions:
Sept. 3 Suria started the company with an investment of RM 72,000 cash and a lorry valued at RM56,000.
4 Purchased supplies, RM600, and furniture, RM4,400, on account.
5 Paid September rent expense, RM1,500 cash.
6 Performed design services for a client and received RM2,400 cash.
10 Designed a bathroom for a client, billed the client, and received her promise to pay the RM5,800
within one week.
15 Paid assistant’s salary, RM940 cash.
17 Received cash on account, RM3,400.
24 Suria withdrew RM2,600 cash for personal use.
30 Received -5,600in advance for a bathroom renovation service that will be done on July.
3
4
[20 marks]