Adjusting Journal Entries: | |||||
Date | Accounts Title | Debit RM | Credit RM | ||
1 | Cash | 175000 | (350000/2) | ||
Accounts Receivable | 175000 | ||||
(collection from AR) | |||||
2 | Supplies exp. | 50000 | (130000-80000) | ||
Supplies | 50000 | ||||
(supplies expense recorded) | |||||
3 | Insurance exp. | 74000 | (296000/4) | ||
Prepaid insurance | 74000 | ||||
(insurance for the year recorded) | |||||
4 | Depreciation exp. | 27500 | |||
Acc. Dep. - Fur & Fix | 5000 | 100000*5% | |||
Acc. Dep. - Motor Vehicles | 22500 | (250000-25000)*10% | |||
(depreciation for the year recorded) | |||||
5 | Accounts payable | 78300 | (234900/3) | ||
Cash | 78300 | ||||
(AP paid off) | |||||
6 | Interest exp. | 12000 | (120000*10%) | ||
Interest payable | 12000 | ||||
(interest on notes made payable) | |||||
7 | Unearned service revenue | 53350 | (213400/4) | ||
Service revenue | 53350 | ||||
(service revenue made earned during the year) | |||||
8 | Motor vehicles expenses | 5500 | |||
Accounts payable | 5500 | ||||
(motor vehicles exp. Made payable) | |||||
9 | Prepaid expenses | 6800 | |||
Cash | 6800 | ||||
(prepaid expenses are recorded) |
PRINCIPLES OF FINANCIAL ACCOUNTING BAC1034 QUESTION 3 [15 MARKS] Listed below are the selected account balances...
BAC1034 PRINCIPLES OF FINANCIAL ACCOUNTING 8 MARCH 2019 QUESTION 1 Part A Presented below is the Trial Balance items for Friso Berhad as at 31 December 2018. Cash Accounts Receivable Supplies Prepaid Insurance Land Equipment Dr (RM) 15,000 10,800 23,000 1,200 80,000 40,000 170,000 Accounts Payable Notes Payable Unearned Service Revenue Share Capital-Ordinary Rent Revenue Service Revenue Cr (RM) 22,000 25,000 8,000 60,000 20,000 35,000 170,000 Other data: 1. A count of supplies as at 31 December 2018 indicated that...
BAC1034 PRINCIPLES OF FINANCIAL ACCOUNTING QUESTION 4 [15 MARKS] Below is the Adjusted Trial Balance for Blue Diamond Berhad as at 31 December 2018. Credit (RM) 10,000 Blue Diamond Berhad Adjusted Trial Balance 31 December 2018 Account Title Debit (RM) Cash 757,400 Accounts Receivable 332,900 Supplies 80,000 Prepaid Insurance 291,200 Office Equipment 100,000 Accumulated Depreciation - Office Equipment | Office Car 250,000 Accumulated Depreciation - Office Car Accounts Payable Notes payable Rent Payable Dividends Payable Unearned Service Revenue Ordinary Share...
Requirement 2. The accounts listed in the unadjusted trial balance, together with their unadjusted balances as of December 31, 2018 have been opened for you in T-account form. Post the adjusting entries to T-accounts using the adjustment letters (a, b, c, etc.) as posting references. Determine the ending balances for all T-accounts (including any that may not be affected by any of the adjusting entries) on December 31, 2018. Calculate each accounts balance and enter the balance, along with a...
Dear tutor, please answer all the questions below. Given below are the account balances for Perniagaan Salam, and the necessary adjustments at year end. All accounts carry normal balances. Perniagaan Salam, Account Balances Year ended 31st December, 2019 Accounts Cash Accounts Receivables Supplies Prepaid Rent Furniture Accumulated Depreciation-Fumiture Land Accounts Payable Salary Payable Unearned Sales Revenue Capital Withdrawals Service Revenues Salary Expense Rent Expense Utilities Expense Maintenance Expense Supplies Expense Depreciation Expense-Furniture RM 98,000 22,000 39,000 7,000 41,000 8,000 120,000...
Wang Supply prepares monthly financial statements. Listed below are some selected accounts and their balances at June 30. Adjustments generally are done monthly, but no adjustments have been made for the month of June, 2017. Wang has a May 31 year end. Wang Supply Unadjusted Trial Balance (partial) June 30, 2017 Debit Credit Prepaid Insurance $ 2,940 Supplies 520 Vehicles 32,000 Accumulated Depreciation - Vehicles $ 9,360 Notes Payable 22,400 Unearned Revenue 1,500 Rent Revenue 142,000 An analysis of the...
Question 3 - Financial Reporting The following information has been provided to you for the year ending 30th June 2019, Account Name Debit Credit 27,650 820 32,500 1,600 540 16,800 38,760 136,000 2,300 6,300 21,300 8,940 52,300 Cash at Bank Electricity Payable Motor Vehicle Accumulated Depreciation - Computer Interest Payable Furniture Accounts Receivable Building Drawings Computer Loan Payable Accumulated Depreciation - Motor Vehicle Equipment Accounts Payable Accumulated Depreciation - Furniture Prepaid Rent Profit Supplies Capital (30/6/19) Unearned Income Allowance for...
Question 3- Financial Reporting The following information has been provided to you for the year ending 30th June 2019. Credit Account Name Debit 27,650 Cash at Bank 820 Electricity Payable Motor Vehicle Accumulated Depreciation - Computer Interest Payable Furniture Accounts Receivable Building Drawings Computer Loan Payable Accumulated Depreciation - Motor Vehicle Equipment Accounts Payable Accumulated Depreciation - Furniture Prepaid Rent Profit Supplies Capital (30/6/19) Unearned Income 32,500 1,600 540 16,800 38,760 136,000 2,300 6,300 21,300 8,940 52,300 12,560 1,700 1,400...
The following shows the unadjusted trial balance relating to Mark Wall Consulting Services for the accounting period ending December 31, 2007. Mark Wall Consulting Trial Balance as at December 31 2007 Requirements: 1. Journalize the following adjusting entries and prepare an adjusted trial balance as at December 31 2007 a. Supplies used during the period - $5000 b. All of the prepaid insurance expired at year end c. Depreciation expense – Building : $50,000 d. Depreciation expense – Furniture &...
Part 3: Financial statements - 40 marks From the following information of the accounting book of Hope Dunn, draw up: (1) an Income statement for the year ended 31 December 2017 (in €). (2) Prepare a Balance Sheet as at 31 December 2017 (in €). 400.000 91,000 255,000 35,000 51,000 Premises Purchases Sales Fixtures and Fittings Motor Cars Allowance for Depreciation: - Fixtures and Fittings • Motor Cars Bank Stock of goods at 1st January 2017 Cash Postage expenses 16,000...
•1. Set up the balance column, accounts for rainmaker's environmental consultant and enter the balances listed in the unadjusted trial balance •2. Post the adjustment entries prepared in problem 3-9A to the accounts. • 3. Prepared an adjustment balance. 4. Use the adjusted trail balance to prepare an income statement, a statement of changes in equity and a balance sheet. Assume that the owner, Jeff Moore, made no owner investments during the year. •Analysis Component : Assumes that total revenue...