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Question 1 a) Make the necessary journal entries for the following transactions: i....

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Accounting

Question 1

a) Make the necessary journal entries for the following transactions:

i. On 1 April 2020, Mr Syed has invested $20,000 cash to set up a restaurant business called Nasi Kandar Penang.

ii. On 2 May 2020 KFC restaurant purchased cooking utensils costing $8,000 by signing a 2-month, 12%, $8,000 note payable.

iii. On 8 May the restaurant received $3,000 cash from a client as a down payment for an event that is expected to be held on 16 june May 2020.

iv. On 9 May Mr Ali paid rental for the business premise for the month of May, $1,000.

v. On the same day, Mr Ali paid $1,200 for a one-year business insurance policy which will expire on 10 April 2021.

b) Post each of the above entry to the respective accounts in the general ledger.

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