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QUESTION 1 Sintok BizSolution Sdn Bhd was established in 2018 and offers business consulting services....

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Accounting

QUESTION 1

Sintok BizSolution Sdn Bhd was established in 2018 and offers business consulting services. Demand for the companys services increased as many businesses were affected during the Cnvid-19 pandemic era. The following is a list of records of the companys assets and liabilities as of January 1, 2021.

Akaun

RM

Cash

50,000

Account Receivable

35,000

Office Supply

17,000

Accounts Payable

15,000

Below are the company's transactions that took place during January 2021:

2021

2

Make a loan with Bank DeRakyat of RM25,000.

3

Pay office rent in cash, RM4,500.

6

Purchase office supplies on credit, RM l5,000.

10

Received a cash payment of RMl2,000 for services

customers

l5

Billing customers for services provided, RM9,500.

28

Paid half of office supplies purchased on January 6, 2021.

31

Pay employee salary, RM l8,000.

Be required:

Based on the information above. state the effect of each transaction on the accounting equation below. Next, determine the final balance for each account that is involved as at 31 January 2021.

ASSETS = LIABILITIES + OWNERS 'EQUITY

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