A (25%) -Compulsory Long Questions Answer ALL questions in this section in the answer sheet. Explanations of the journal entries are not required. Correct your answers to 2 decimal places if necessary. Show your workings. Question A1 Golden Computer Company ("the Company") is a retail computer store selling computer hardwares and accessories. The Company adjusts its accounts monthly, closes its accounts annually on 31 December. The company uses a perpetual inventory system. Below is its unadjusted trial balance on 31 December 2019. Golden Computer Company Unadjusted Trial Balance 31 December 2019 Debit Credit $ $ Cash 150,300 Accounts receivable 219,000 Inventory 420,000 Fixtures and fittings 486,000 Accumulated depreciation: Fixtures and fittings 162,000 Accounts payable 189,000 Interest payable 6,000 Income tax payable 36,000 Unearned sales revenue 49,500 10% Notes payable (Due on 31 December 2020) 360,000 Share capital Retained earnings Sales revenue Cost of goods sold 600,000 342,000 760,500 507,900 Rent expense Salaries expense Interest expense Depreciation expense Utilities expense 178,500 304,500 33,000 118,800 63,000 Income tax expense 24,000 2,505,000 2,505,000 Information on adjusting items: (1) A bill for utilities for December amounted to $2,400 was received and paid but no entries were recorded. Question A1 (continued) (2) Accrued and unrecorded salaries at 31 December 2019 amount to $36,900. (3) The Company sells cash coupons to customers, who can use the coupons to purchase the Company's products within six months. On 31 December 2019, $6,000 cash coupons were used by the customers but no entries were recorded. The Gross Profit Rate was 20%. (4) On 31 December 2019, a physical count showed that the inventory on hand costing $414,000 remains in stock. (5) Monthly interest on Notes Payable is due on the first day of next month. No adjustment entries have been made for December. (6) Estimated income taxes expense for the entire year totals $33,000. Taxes are due in the first quarter of 2020. (7) The Company has been sued for $1 million in a contract dispute. It is not possible at this time to make a reasonably estimate of the possible loss. Required: Prepare the necessary journal entries so as to bring the financial records of Golden Computer Company up-to-date as of 31 December 2019. If any of the items above does not require any necessary entry, state "No entry" and no explanation is required. (15 marks)