Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

94 Sda. 14hd. operates in Petaling Jaya. The following information is the be adjusted in the ledger accounts: a. The bank loan of RMS0,000 was

image text in transcribed
94 Sda. 14hd. operates in Petaling Jaya. The following information is the be adjusted in the ledger accounts: a. The bank loan of RMS0,000 was obtaincd on 1 Jane 2022 . The 6% of interest expense on the bank loan is accrucd at year cend. b. On 1 February 2022, Pincapple Sda. Bhd. purchared an insurance policy that covers 15 months. It is recosded as prypaymeat. Insurance expense is treated as an administrative expense. c. The uncarned rent revenue account recosded four months revenue collected in advance on 1 . November 2022 . The tent nevenue is eamed evenly over the four months. d. Pincapple'Sdn. Bhd. receivel an invoice amounting to RM1,300 for December's online advertiking. The company will not pay the billinvoice unil January 2023 . The expense is treated as other operating cxpense. Required: 1. Prepare journal entries for the abowe trancactions. 2. Using the Unadjusted Trial Balance, open the T-accounts with the unadjusted balances. Post the adjusting entries to the T-accounts. 3. Prepare the Adjusted Trial Balance as at 31 December 2022

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Information Systems

Authors: Marshall B. Romney

8th Edition

0201357216, 9780201357219

More Books

Students also viewed these Accounting questions

Question

Explain how to reward individual and team performance.

Answered: 1 week ago