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At the end of first month operations, Best Tele-Marketing Service has the following unadjusted trial balance; Additional information: Insurance expires at the rate of RM200

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At the end of first month operations, Best Tele-Marketing Service has the following unadjusted trial balance; Additional information: Insurance expires at the rate of RM200 per month. RM 1,000 of supplies are on hand at 31st August 2016. Yearly depreciation on the equipment is RM 12,000. RM 1, 500 from the unearned revenue has been earned. Required: Journalize the adjusting entries at 31st August 2016. Prepare an adjusted trial balance as at 31st August 2016. Prepare the followings: i) Statement of profit and loss for the month ended 31st August 2016. ii) Statement of financial position as at 31st August 2016

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