10:41:00 0:2*46 4G UTE 57% + QUESTION (58 marks) West Laboratory, owned and operated by Mrs. Ann Cole. She adjusts and closes its accounts at the end of each month to determine the company's profit and loss. She has been business for almost a year and the following information is extracted from the 10- column worksheet she used to prepare her financial report for the month ended September 30, 2021 West Laboratory Partial Work Sheet For the Month Ended September 30, 2021 Unadjusted Trial Balance Debit Credit $18,200 27,000 Adjusted Trial Balance Debit Credit $18,200 Cash Medical Fees Receivable 31,600 Prepaid 5,000 2,500 1,200 500 21,800 21,800 $6,000 3,000 8,000 $6,100 3,000 8,000 14,000 8,000 34,000 34,000 Rent.. . Office Supplies Medical Equipment... Accumulated Depr - Medical Equipment... Accounts Payable.. Notes Payable. Unearned Medical Fees..... Ann Cole, Capital Stock Ann Cole, Drawings Medical Fees Earned. Salaries Expense. Utilities Expense Insurance Expense... Supplies Expense.. Depreciation Expense Salaries Payable Rent Expense... 1,000 1,000 31,000 41,600 14,000 16,300 2,000 2,000 5,800 5,800 700 100 2,300 2,500 $96,000 $96,000 $103,000 $103,000 Required: a) Based on the partial Information, journalize the six (6) entries that adjust the accounts at September 30, 2021. [Take Note: One of the accounts was affected by two different adjusting entries.] (Explanation is not required) (12 marks) b) Prepare the following financial statement for West Laboratory (proper format): 0) Income Statement for the month ended September 31, 2021. (9 marks) II) Statement of Owner's Equity for the month ended September 31, 2021. (2 marks) 111) Balance Sheet as of September 31, 2021. (16 marks) (Ensure proper Title and labeling and "$" for marks) c) Prepare closing entries in general joumal format (with explanation) for West Laboratory for the month ended September 30, 2021. (15 marks) d) Calculate the net profit margin for West Laboratory as of September 2013. [Net profit margin = (Net Income + Fees Earned) x 100%). (2 marks) e) Give any two (2) users of financial statements for decision makings. (2 marks) 0.84 KB/S *1 : 4G LTE 57% + TUU 10:41:28 Salaries Payable. Rent Expense.... 2,300 2,500 $96,000 $96,000 $103,000 $103.000 Required: a) Based on the partial information, journalize the six (6) entries that adjust the accounts at September 30, 2021. [Take Note: One of the accounts was affected by two different adjusting entries.] (Explanation is not required) (12 ( marks) b) Prepare the following financial statement for West Laboratory (proper format): D) Income Statement for the month ended September 31, 2021 (9 marks) ii) Statement of Owner's Equity for the month ended September 31, 2021. (2 marks) 111) ) Balance Sheet as of September 31, 2021, (16 marks) (Ensure proper Title and labeling and "$" for marks) c) Prepare closing entries in general journal format (with explanation) for West Laboratory for the month ended September 30, 2021. (15 marks) d) Calculate the net profit margin for West Laboratory as of September 2013. [Net profit margin = (Net Income + Fees Eamed) x 100%]. (2 marks) e) Give any two (2) users of financial statements for decision makings. (2 marks) Note: 10 C worksheet is provided to assist you in answering the question. It is not required for the homework. Unadjusted Adjustment Trial Balance Debit Credit Dobit Credit 18 200 Adjusted Trial Balance Dobit Credit 18.200 Income Balance Statement Sheet Debit Credit Debit Credit 31,600 27,000 5,000 1,200 21,800 2,500 500 21,800 6,000 6,100 3,000 Account Title Cash Medical Fees Receivable Prepaid Rent Office Supplies Medical Equipment Accum, Depreciation - Medical Equipment Accounts Payable Notes payable Uneamed Medical Fees Ann Cole, Capital Ann Cole, Drawings Medical Fees Earned Salaries Expense Utilities Expense Insurance Expense Office Supplies Expense Depreciation Expense- Medical Equipment Salaries Payable Rent Expense Totals 3.000 8,000 14,000 34,000 8,000 8,000 34,000 1,000 1.000 31,000 41,600 14.000 16,300 2,000 5,800 2,000 5,800 700 100 2,300 2,500 96.000 96.000 16,200 16,200 103,000 103,000 Net Income Total
