McPherson Ltd began operations on 1 January 2015. Quarterly financial statements are prepared. The trial balance and adjusted trial balance on 31 March are shown below. 

Required

(a) Journalise the adjusting entries that were made.

(b) Prepare a statement of profit or loss and a calculation of retained earnings for the 3 months ending 31 March, and prepare a statement of financial position as at 31 March.

(c) Identify which accounts should be closed on 31 March.

(d) If the interest rate on the loan is 10%, when did the entity take out the loan?

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No. 100 110 120 130 150 151 200 210 220 230 250 Account name Cash Accounts Receivable Prepaid Rent Supplies MCPHERSON LTD Trial balance as at 31 March 2015 Equipment Accumulated Depreciation- Equipment Accounts Payable Salaries Payable Interest Payable Rent Rev. Recd in Advance Bank Loan Unadjusted Dr $15750 1 300 2000 1 500 32 000 Cr $ 1840 1 000 15 000 Adjusted Dr $15750 6800 600 32 000 Cr $ 1750 1840 1 800 250 500 15 000