ACC201: Financial Accounting
EE Ltd is a company incorporated in Singapore and uses the Singapore Financial Reporting Standards (“FRSs”). Its financial year end is 31 December. EE Ltd’s unadjusted trial balance includes the following account balances as at 31 December 20X7:
Trial Balance as at 31 December 20X7 | ||
Debits |
Credits |
|
$ |
$ |
|
Cash |
142,350 |
|
Accounts Receivable |
232,600 |
|
Allowance for Impairment Losses |
4,000 |
|
Interest Receivable |
2,600 |
|
Supplies |
277,200 |
|
Prepaid Insurance |
13,050 |
|
Notes Receivable (short-term) |
100,000 |
|
Equipment |
555,600 |
|
Accumulated Depreciation – Equipment |
129,000 |
|
Accounts Payable |
251,400 |
|
Unearned Revenue |
18,400 |
|
Share Capital |
432,200 |
|
Retained Earnings |
578,000 |
|
Service Revenue |
81,000 |
|
Interest Revenue |
43,800 |
|
Repair and Maintenance Expense |
52,800 |
|
Rent Expense |
35,600 |
|
Salaries and Wages Expense |
126,000 |
|
Totals |
$1,537,800 |
$1,537,800 |
The following information pertaining to the financial year ending 31 December 20X7 are available to determine additional journal entries:
Required:
ACC201: Financial Accounting EE Ltd is a company incorporated in Singapore and uses the Singapore Financial...
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ACC201: Financial Accounting
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