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Question 4 Lidia opened her store 'Lidia Computers' on 1st July 2019. Lidia had the...

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Question 4 Lidia opened her store 'Lidia Computers' on 1st July 2019. Lidia had the following transactions during the month of July. July 1 Lidia invested RM 20,000 into her business 8 Lidia used cash to purchase three computers (inventory) worth RM 4,400 (10% GST inclusive) each. 11 One computer was sold for RM 7,150 (10% GST inclusive) cash. 12 Paid RM 2,000 wages to employees 18 Purchase another two computers for RM 4,400 each (10% GST inclusive) on credit. These goods were then sold on credit for RM 14,300 (10% GST inclusive) 21 Purchased a delivery van to the value of RM 26,400 (10% GST inclusive). A loan was taken to pay for half of this amount whilst the remainder was paid for in cash. 26 Paid the entire amount owed for inventory purchased on the 18th. 28 Received half of the amount owed for the goods sold on the 18th Required: (a) Prepare the general journal entries for the transactions shown above. (14 marks) (b) Explain in detail the differences between liabilities and equities. Provide relevant examples to support your answer. (6 marks) (C) Explain in detail the differences between assets and expenses. Provide relevant examples to support your answer. (5 marks) [Total: 25 Marks]

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