Antique Wood is a furniture manufacturer based in Klang, Selangor. The following trial account balances were extracted from the company's record on 31 December 2020. Antique Wood Account Balances as at 31 December 2020 Account Debit (RM) Credit (RM) Cash 12,000 Inventory 39,200 Accounts receivables 35,000 Note receivables 7,000 Interest receivables Allowances for Doubtful Debt 1,800 Prepaid insurance 4,800 Prepaid Rent Prepaid Advertisement Equipment 150,000 Accumulated depreciation -Equipment 15,000 Account payable 19,800 LI Antique Wood is a furniture manufacturer based in Klang, Selangor. The following trial account balances were extracted from the company's record on 31 December 2020. Antique Wood Account Balances as at 31 December 2020 Account Debit (RM) Credit (RM) Cash 12,000 Inventory 39,200 Accounts receivables 35,000 Note receivables 7,000 Interest receivables Allowances for Doubtful Debt 1,800 Prepaid insurance 4,800 Prepaid Rent Prepaid Advertisement Equipment 150,000 Accumulated depreciation -Equipment 15,000 Account payable 19,800 LI Account payable 19,800 Salary Payable Share capital - Ordinary Retained earnings 60,000 60,560 Interest revenue Sales revenue 260,000 Cost of goods sold 111,000 Salaries and wages expense 40,000 Advertising expense 5,360 Rent expense 12,800 Insurance expense Bad Debt Expense Depreciation expense- equipment 417,160 417,160 Additional information: (0) Insurance expired during the year, RM2,000. Estimated bad debts, 5% of the accounts receivable. Depreciation on equipment, 10% per year. Interest at 5% is receivable on the note for one full year. (iv) Antique Wood is a furniture manufacturer based in Klang, Selangor. The following trial account balances were extracted from the company's record on 31 December 2020. Antique Wood Account Balances as at 31 December 2020 Account Debit (RM) Credit (RM) Cash 12,000 Inventory 39,200 Accounts receivables 35,000 Note receivables 7,000 Interest receivables Allowances for Doubtful Debt 1,800 Prepaid insurance 4,800 Prepaid Rent Prepaid Advertisement Equipment 150,000 Accumulated depreciation -Equipment 15,000 Account payable 19,800 LI Antique Wood is a furniture manufacturer based in Klang, Selangor. The following trial account balances were extracted from the company's record on 31 December 2020. Antique Wood Account Balances as at 31 December 2020 Account Debit (RM) Credit (RM) Cash 12,000 Inventory 39,200 Accounts receivables 35,000 Note receivables 7,000 Interest receivables Allowances for Doubtful Debt 1,800 Prepaid insurance 4,800 Prepaid Rent Prepaid Advertisement Equipment 150,000 Accumulated depreciation -Equipment 15,000 Account payable 19,800 LI Account payable 19,800 Salary Payable Share capital - Ordinary Retained earnings 60,000 60,560 Interest revenue Sales revenue 260,000 Cost of goods sold 111,000 Salaries and wages expense 40,000 Advertising expense 5,360 Rent expense 12,800 Insurance expense Bad Debt Expense Depreciation expense- equipment 417,160 417,160 Additional information: (0) Insurance expired during the year, RM2,000. Estimated bad debts, 5% of the accounts receivable. Depreciation on equipment, 10% per year. Interest at 5% is receivable on the note for one full year. (iv)
