Answered step by step
Verified Expert Solution
Question
1 Approved Answer
1/4 11033/SEM 1 2020-2021/ SET 12/PKP TUTORIAL 3: ADJUSTMENTS QUESTION 1 KK Advertising Unadjusted Trial Balance as at 31 January 2020 RM RM Credit (Cr.)
1/4 11033/SEM 1 2020-2021/ SET 12/PKP TUTORIAL 3: ADJUSTMENTS QUESTION 1 KK Advertising Unadjusted Trial Balance as at 31 January 2020 RM RM Credit (Cr.) Debit (Dr.) 36,250 100,000 10,000 4.000 700 1,200 Cash Van Accumulated Depreciation - Van Equipment Office supplies Prepaid insurance Account receivable (AR) Mr. Kwan, Capital Service revenue Uncanned service revenue Account Payable (AP) Mr. Kwan, Drawings Advertising expense Rental expense Depreciation - Van 110,000 8.800 6,500 19,100 500 650 1,100 10,000 TOTAL 154.400 154,400 Adjustments: 1. A physical count of office supplies at the end of period shows that RM500 office supplies are still on hand 2. Prepaid insurance RM1,200 was purchased for a 12-months period starting 1 January 2020. 3. RM 3,500 uneared service revenue has been performed. 4. Performed RM1.000 service to a customer on account which had not been recorded 5. Received RM300 utilities bill which had not been recorded. 6. Depreciation expense of Equipment at 10% per year has not been recorded. You are required to: a) Prepare the journal entries to record the adjustments b) Prepare the adjusted trial balance as at 31 January 2020 c) Prepare the Income Statement, Statement of Changes in Equity and Statement of Financial Position
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started