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Al Golden Computer Company (the Company) is a retail computer store selling computer hardwares and accessories. The Company adjusts its accounts monthly, closes its accounts

Al 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 Cash Accounts receivable Inventory Fixtures and fittings Accumulated depreciation: Fixtures and fittings Accounts payable Interest payable Income tax payable Unearned sales revenue 10% Notes payable (Due on 31 December 2020) Share capital Retained earnings Sales revenue Cost of goods sold Rent expense Salaries expense Interest expense Depreciation expense Utilities expense Income tax expense Debit Credit S S 150,300 219,000 420,000 486,000 162,000 189,000 6,000 36,000 49,500 360,000 600,000 342,000 760,500 507,900 178,500 304,500 33,000 118,800 63,000 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 Al (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)image text in transcribedimage text in transcribed

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