Michael Trading is a stationery store and owned by Sharizan. Below are the transactions of Michael
Trading for the month of November 2019.
November 2019 Transactions
1 Started the business with RM20,000 cash.
3 Purchased Fujixerox printer RM700 by cheque for office use.
13 Sold goods on credit to Rachel RM500.
14 Banked in cash RM3,000.
17 Paid rental of premises amounting to RM400 by cash.
21 Sharizan took RM800 from the bank and RM200 goods for
personal use.
24 Sales returned by Rachel amounted to RM200.
26 The business bought a motor vehicle for RM4,500 cash.
28 Paid utility bills and wages of RM100 and RM500 cash
respectively.
Required:
Identify the effects (increase or decrease) on assets, liabilities, owner’s equity, revenues or expenses for
the transactions dated from 1 November 2019 to 24 November 2019 and show the accounts to be
debited and credited for each of the transactions given below:
Michael Trading is a stationery store and owned by Sharizan. Below are the transactions of Michael
Trading for the month of November 2019.
November 2019 Transactions
1 Started the business with RM20,000 cash.
3 Purchased Fujixerox printer RM700 by cheque for office use.
13 Sold goods on credit to Rachel RM500.
14 Banked in cash RM3,000.
17 Paid rental of premises amounting to RM400 by cash.
21 Sharizan took RM800 from the bank and RM200 goods for
personal use.
24 Sales returned by Rachel amounted to RM200.
26 The business bought a motor vehicle for RM4,500 cash.
28 Paid utility bills and wages of RM100 and RM500 cash
respectively.
Required:
Identify the effects (increase or decrease) on assets, liabilities, owner’s equity, revenues or expenses for
the transactions dated from 1 November 2019 to 24 November 2019 and show the accounts to be
debited and credited for each of the transactions given below:
