Question
Debit RM Credit RM Cash 2,950 Supplies 12,295 Prepaid Insurance 2,735 Equipment 95,650 Accumulated depreciation - Equipment 21,209 Vehicles 36,300 Accumulated depreciation - Vehicles 7,400
Debit RM | Credit RM | ||
Cash | 2,950 | ||
Supplies | 12,295 | ||
Prepaid Insurance | 2,735 | ||
Equipment | 95,650 | ||
Accumulated depreciation - Equipment | 21,209 | ||
Vehicles | 36,300 | ||
Accumulated depreciation - Vehicles | 7,400 | ||
Account outstanding | 4,015 | ||
Capital | 67,426 | ||
Take | 6,000 | ||
Service results | 99,950 | ||
Wage shopping | 26,925 | ||
Rent shopping | 9,600 | ||
Vehicle shopping | 5,350 | ||
Miscellaneous expense | 2,195 | ||
200,000 | 200,000 | ||
The following information is provided for year -end adjustments.
i. The supply on hand as at 31 December 2020 is RM7,120.
ii. The expired insurance premium for 2020 is RM2,000.
iii. Depreciation for the year 2020 for Equipment and Vehicles is RM4,200 and RM2,200 respectively.
iv. The unpaid wage expenditure in 2020 is RM600.
v. Unbilled service revenue in 2020 is RM9,950
REQUIRED:
Prepare Income Statement, Owners' Equity and Balance Sheet as at 31 December 2020.
Prepare a journal of closing notes and Trial Balance after closing.
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