BX2011 SP51 2020 Opex Users/dell/Desktop/BX2011%20SP1%202020%20Open%20Online%20Exam20paper.pdf - + Fit to page Page view A Read aloud Add notes OP Question 1 (11 marks) Funan Repairs and Service, an electronics repair store, prepared the unadjusted trial balance, shown below, at the end of its first year of operations. CE Funan Repairs and Service Unadjusted Trial Balance as at June 30, 2019 Dr Cash 13,800 Accounts Receivable 90,000 Supplies 21,600 Equipment 154,800 Accounts Payable Unearned Fees Adam Lee, Capital Adam Lee, Drawings 18,000 Fees Earned Wages Expense 126,000 Rent Expense 96,000 Utilities Expense 69,000 Miscellaneous Expense 10,800 $600,000 21,000 24,000 162,000 393,000 $600,000 The following data was prepared for the purpose of recording the balance day adjustments: (a) Fees earned but not invoiced on June 30 were $12,700. (2 marks) (b) Supplies on hand on June 30 amounted to $4,175. (2 marks) (c) The equipment was purchased at the formation of the business. The accountant estimates it will have a residual value of $4,800 and useful life of 8 years. It is decided to depreciate the equipment using the reducing balance method at a rate of 50%. (3 marks) (d) The balance in the unearned feeds represents the June 1 receipt in advance for services to be provided. Only $14,200 of the services was provided before the 30 June. (2 marks) (e) Unpaid wages accrued on 30 June amounted to $1,100. (2 marks) Required