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Question 2 On 1 May, 2021, LCW started business with RM100,000 and other transactions for...

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Accounting

Question 2 On 1 May, 2021, LCW started business with RM100,000 and other transactions for the month were: Date Transactions May 2 Purchase Furniture for Cash RM17,000 May 8 Purchase Goods for Cash RM12,000 and for Credit RM10,000 from Mimi Retail Store. May 14 Sold Goods to Goh Brothers RM12,000 and Cash Sales RM5,000. May 18 Owner withdrew goods worth RM1,000 for personal use. May 22 Paid Mimi Retail Store RM5,000. May 26 Received RM15,000 from Goh Brothers. May 30 Paid Salaries Expense RM 2,000. May 30 Received electricity bill of RM508. May 30 Ordered a new laptop at RM2,200 with Ace Computer. - 3 Required: Prepare journal entries for the above transactions. Marks are allocated for narrations. (20 marks

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