Question 1Mr. Fernandes is the owner of a sole proprietorship, F. Fernandes Enterprise. The following is hisaccounting record as at 1 August 2022.Date1234567812152428Business TransactionsStarted the business with RM16,000 cash and RM11,000 in the bank.Bought goods on credit: J Biggs RM830, D Martin RM610, and P Lot RM590.Bought goods for cash RM370.Paid rent in cash RM75.Bought stationery paying by cheque RM62.Sold goods on credit: D Twigg RM370, B. Hogan RM290, K. Fletcher RM410.Paid wages and rent in cash of RM160 and RM175.Returned goods to D. Martin RM195.B. Hogan returns goods RM35.Bought a van on credit from B. Black for RM6, 100.Received part of the amount owing from K. Fletcher by cheque RM250.Paid by cheque: J Biggs RM830; D. Martin RM415, B. Black RM6, 100.Required:State the double entry for the above transactions.

The journal entries are prepared to keep the record of day to day transactions of the business. The…

Answered: Mr. Fernandes is the owner of a sole…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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