The following shows the unadjusted Trial Balance of Services as at 31 August 2020 is as...

The following shows the unadjusted Trial Balance of Services as at 31 August 2020 is as follows:

Services Unadjusted Trial Balance as at 31 August 2020
	Debit	Credit
	RM	RM
Cash at Bank	70,400
Account Receivable	100,600
Provision for Doubtful Debts		4,000
Premises	220,000
Furniture	40,000
Accumulated Depreciation - Depreciation		8,000
Accounts Payable		80,000
Unearned Revenue		24,000
Loan @ 6% interest		100,000
Capital, Services		200,000
Drawings	3,000
Revenue		103,000
Prepaid Insurance	36,000
Utility expense	21,000
Salary Expense	25,000
Interest Expense	3,000
	519,000	519,000

The following adjustments have not been considered for the year ended 31 August 2020:

· Provision for doubtful debts is to be estimated at 4% of total Debtors.

· Accrued Salaries Expenses, RM5,000.

· Insurance paid in advance for the month has expired. RM36,000 insurance was paid in advance for twelve (12) months period starting 1st January 2020.

· Furniture was purchased on 1 January 2019. Depreciation on the Machinery is required to be recorded using the straight-line method. Assume a useful life of five years with a zero-salvage value.

· RM12,000 unearned revenue has been earned during the period.

· Interest Expense for the month of July and August has not been recorded yet.

Required:

1) Prepare the adjusting entries for the above adjustments. (Show workings)

2) Prepare Services Statement of Comprehensive Income (Income Statement) for the year ended 31 August 2020.

3) Prepare Services Statement of Financial Position as at 31 August 2020.

Solutions

Expert Solution

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

Corrected Trial Balance The Colby Group has the following unadjusted trial balance as of August 31,...

Corrected Trial Balance The Colby Group has the following unadjusted trial balance as of August 31, 2019. The Colby Group Unadjusted Trial Balance August 31, 2019 Debit Balances Credit Balances Cash 18,590 Accounts Receivable 33,280 Supplies 4,370 Prepaid Insurance 4,700 Equipment 106,000 Notes Payable 43,900 Accounts Payable 9,440 Terry Colby, Capital 67,850 Terry Colby, Drawing 23,100 Fees Earned 348,400 Wages Expense 205,925 Rent Expense 40,700 Advertising Expense 17,200 Miscellaneous Expense 11,200 465,065 469,590 The debit and credit totals are not...

The following shows the unadjusted Trial Balance of Satyam Logistics Sdn Bhd during August 2018: Satyam...

The following shows the unadjusted Trial Balance of Satyam Logistics Sdn Bhd during August 2018: Satyam Logistics Sdn Bhd Unadjusted Trial Balance for the month ended August 31, 2018 Account Title Balance Debit(RM) Credit(RM) Service Revenue 820,000 Salaries Expenses 460,000 Delivery Expenses 230,000 Utility Expenses 50,000 Bank 52,000 Debtors (Acc Receivable) 79,000 Office Supplies 12,000 Prepaid Insurance 36,000 Furniture 80,000 Accumulated Depreciation—Delivery Van 16,000 Creditors (Acc Payable) 56,000 Unearned Revenue...

The unadjusted trial balance of La Mesa Laundry at August 31, 2016, the end of the...

The unadjusted trial balance of La Mesa Laundry at August 31, 2016, the end of the fiscal year, follows: La Mesa Laundry UNADJUSTED TRIAL BALANCE August 31, 2016 ACCOUNT TITLE DEBIT CREDIT 1 Cash 3,800.00 2 Laundry Supplies 9,000.00 3 Prepaid Insurance 6,000.00 4 Laundry Equipment 180,800.00 5 Accumulated Depreciation 49,200.00 6 Accounts Payable 7,800.00 7 Bobbi Downey, Capital 95,000.00 8 Bobbi Downey, Drawing 2,400.00 9 Laundry Revenue 248,000.00 10 Wages Expense 135,800.00 11 Rent Expense 43,200.00 12 Utilities Expense...

The following list of accounts is taken from the December 31, 2020, unadjusted trial balance of...

The following list of accounts is taken from the December 31, 2020, unadjusted trial balance of Perdu Sales, a business that is owned by Eldon Perdu. Debit Credit Cash $ 8,000 Merchandise inventory 9,800 Prepaid selling expense 8,000 Store equipment 40,000 Accumulated depreciation, store equipment $ 9,800 Accounts payable 14,840 Salaries payable 0 Eldon Perdu, capital 25,360 Eldon Perdu, withdrawals 3,600 Sales 858,000 Sales returns and allowances 33,000 Sales discounts 8,000 Cost of goods sold 431,000 Sales salaries expense 94,000...

Tech Support Services has the following unadjusted trial balance as of December 31, 2017 Cash ...

Tech Support Services has the following unadjusted trial balance as of December 31, 2017 Cash 25,550 Accounts receivable 44,050 Supplies 6,660 Prepaid insurance 3,600 Equipment 162,000 Notes payable 75,000 Accounts payable 13,200 Johnny Tremain, Capital 101,850 Johnny Tremain, Drawings 33,000 Fee revenue 534,000 Wages expense 306,000 Rent expense 62,550 Advertising expense 23,850 Utilities expense 17,000 684,260 724,050 The following errors are reflected in the trial balance: a)...

The unadjusted trial balance of Imagine Ltd., a private company following ASPE, at December 31, 2020...

The unadjusted trial balance of Imagine Ltd., a private company following ASPE, at December 31, 2020 is as follows: Debit Credit Cash $10,850 Accounts receivable 56,500 Allowance for doubtful accounts $750 FV-NI investments 8,600 Inventory 58,000 Prepaid insurance 2,940 Prepaid rent 13,200 FV-OCI investments 14,000 Bond investment at amortized cost 18,000 Land 10,000 Equipment 104,000 Accumulated depreciation—equipment 18,000 Accounts payable 9,310 Bonds payable 50,000 Common shares 100,000 Retained earnings 103,260 Sales revenue 223,310 Rent revenue 10,200 Purchases 170,000 Purchase discounts...

Porter Company shows the following accounts in its partial unadjusted trial balance at December 31, 2017....

Porter Company shows the following accounts in its partial unadjusted trial balance at December 31, 2017. Dr Cr Cash $71,300 Accounts receivable 40,000 Trading securities 7,000 Available for sale securities 50,000 Allowance for Doubtful accounts 2,000 Furniture and Fixtures 181,000 Accumulated depreciation – F&F 14,000 Accounts Payable 10,800 Common Stock 104,000 Retained Earnings 75,000 Service Revenue 324,100 Insurance expense 11,300 Salaries Expense 149,700 Rent Expense 15,600 TOTALS $527,900 $527,900 Additional Information 1. On May 1, 2017, the company paid $8,700...

A partial adjusted trial balance of Rooney Sports at January 31, 2020, shows the following...

A partial adjusted trial balance of Rooney Sports at January 31, 2020, shows the following. ROONEY Sports Adjusted Trial Balance January 31, 2020DebitCreditSupplies£800Prepaid Insurance1,800Salaries and Wages Payable£900Unearned Service Revenue850Supplies Expense800Insurance Expense300Salaries and Wages Expense3,200Service Revenue3,400Answer the following questions, assuming the year begins January 1. (a) If the amount in Supplies Expense is the January 31 adjusting entry and £1,200 of supplies was purchased in January, what was the balance in Supplies on January 1? The balance in Supplies on January 1 £ _______ (b)...

Below is the unadjusted trial balance for Franklin Services Limited (FSL) as at its December 31,...

Below is the unadjusted trial balance for Franklin Services Limited (FSL) as at its December 31, 2017 fiscal year end Franklin Services Limited (FSL) Unadjusted Trial Balance December 31, 2017 Debit Credit Cash $35,980 Accounts Receivable 117,000 Allowance for Doubtful Accounts 4,000 FV-OCI Investments 329,600 Equipment 109,000 Accumulated Depreciation – Equipment $10,900 Unearned Revenue 4,900 Note Payable 79,000 Common Shares 158,500 Retained Earnings 86,200 Service Revenue 1,707,968 Salaries and Wages Expense 1,416,000 Insurance Expense 11,568 Interest Expense 6,320 Supplies Expense...

The unadjusted trial balance of Lady Ltd. at October 31, 2020, appears in the solution step...

The unadjusted trial balance of Lady Ltd. at October 31, 2020, appears in the solution step below. The adjustment data at October 31, 2020, is provided. LOADING... (Click the icon to view the month-end adjustment data.)Requirements LOADING... Requirement 1. Using the worksheet, prepare the adjusted trial balance of Lady Ltd. at October 31, 2020. The unadjusted balances have been entered for you. Key each adjusting entry by letter. Calculate the adjusted balance of each account, and then total the debit...

Subjects