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Internet Consulting Service Limited was incorporated on 1 January 2020. The accountant for Internet Consulting Service Limited prepared the following Adjusted Trial Balance at 31 December 2020, after one year of operations. INTERNET CONSULTING SERVICE LIMITED Adjusted Trial Balance 31 December 2020 Dr. Cr. Cash 49,100 Consulting fees receivable 34,400 Prepaid office rent ? Prepaid dues and subscriptions 250 Supplies 450 Equipment ? Accumulated Depr.: Equipment 12,000 Notes payable 3,600 Income taxes payable 17,000 Unearned consulting fees 3,100 Salaries payable 1,700 Interest payable 100 Share capital 30,000 Retained earnings 32,700 Dividends 60,000 Consulting fees earned ? Salaries expense 90,520 Telephone expense 2,550 Rent expense 24,100 Income taxes expense 56,000 Dues and subscriptions expense 610 Supplies expense 1,750 Depreciation expense: equip. 7,200 Miscellaneous expense 4,200 Interest expense 100 ? 371,430 1. If Equipment is $36,000, Prepaid office rent should be: A. $24,100. B. $12,050. C. $4,200. D. $4,000. 2. Assume Equipment is $36,000 and the monthly rent for the first 11 months of 2020 is the same. If three-month rent was paid on 1 December 2020 for December 2020 to February 2021, monthly rent of the company during January to November 2020 should be: A. $2,400. B. $2,200. C. $2,100. D. $2,000. 3. The total amount of supplies purchased in 2020 would be: A. $250. B. $450. C. $1,750. D. $2,200. 4. If Equipment is purchased on the first day of business for $36,000 and has no residual value, it should have years of useful life. A. 3 B.4 C. 5 D. 6 5. Refer to the above data. The journal entry to close Dividend account will: A. Produce a zero balance in Income Summary when posted. B. Include a debit to Income Summary. C. Include a credit to Retained Earnings. D. Include a credit to Dividend. Happy Party Limited provides party entertainment to its clients. It started its operation on 1 February 2021 and had the following transactions in February. Feb 1 Issued 200 shares in exchange for $14,000 cash 2 Purchased party supplies for $300 on account. 5 Purchased party equipment worth $10,000 and office furnishing worth $10,000 from Party Equipment Limited by paying $2,000 cash and issuing a 1 year note for the remaining balance. 18 Billed Sunflower Child Care $4,550 for clown services. The entire amount is due 15 March 20 Billed and collected $960 cash for performing at several parties. 25 Paid clown salary in February for $2,180. 26 Collected S4,200 for the amount billed on 18 Feb from Sunflower Child Care. 27 Declared a $200 dividend payable on 15 March. 28 Paid $240 for travel and S480 for party food in February. 28 Paid $200 for the party supplies purchased on 2 February Required a) Prepare the journal entries for the above transactions in February 2021. No explanation is required. (11.5 marks) The account titles used by Happy Party Limited are: Cash Share Capital Accounts Receivable Retained Earnings Party Supplies Dividends Party Equipment Party Revenue Office Furnishing Salaries Expense Accounts Payable Travel Expense Notes Payable Party Food Expense Dividends Payable b) Post all journal entries in (a) to the ledger accounts using the T-account format. (14.5 marks) c) Prepare the trial balance of the Happy Party Limited as at 28 February 2021. (9 marks) The Country Golf Club is a company which allows people to learn and practice playing golf. Adjusting entries are prepared monthly. The Club earns its revenue in two ways: i. Club members pay their annual membership fees in advance by 10 January, Cash collected in advance is credited as uneared membership fees. The portion earned is recorded as Membership fees earned at the end of each month. ii. The Club allows secondary school to bring students to use the facility without joining as members. The amounts charged are recorded as Guest Fee Revenue. Some guest fees are billed at the end of the month. The unadjusted trial balance of Country Golf Club as at 31 December 2020 is shown as follows: S594,600 $10.500 $73,800 $13,200 $13,500 $360,000 COUNTRY GOLF CLUB Unadjusted Trial Balance December 31, 2020 Cash Accounts receivable Golf supplies Prepaid rent Prepaid insurance Furniture and fixture Accumulated depreciation: furniture and fixture Accounts payable Interest payable Income taxes payable Note payable Unearned membership fees Salaries payable Share capital Retained earnings Dividend Guest Fee Revenue Membership fees carned Golf supplies expense Depreciation expense: Office equipment Rent expense Insurance expense Salaries expense Interest expense Income tax expense Totals S41,250 $4,200 $2.400 $586.200 S180,000 S420.000 S5,700 $90,000 $24,000 $3,000 S192,000 54,620,000 $335,100 $41,250 $142,500 $29,700 $3.960,000 $2,400 S586.200 $6,165,750 56.165.750 Other data 1. The furniture and fixtures in the clubhouse had an estimated life of 8 years. 2. On 1 October 2020, the Club borrowed money by signing 5 month, 8-percent note payable. The entire note, plus interest, is due on 28 February 2021. 3. All unearned membership fees received as cash in advance at the beginning of the year have been earned in December. 4. Golf supplies still on hand on 31 December 2020 amount to $50,400. 5. A one-year property insurance policy costing $32,400 had been purchased on 30 April, with the policy effective from May 2020. 6. Salaries that have not yet been recorded or paid amount to $40,800. 7. At 31 December, $9,600 guest fees owed by the secondary schools has not yet been billed or recorded. 8. Rent of $39,600 for 3 months was paid on 1 October 2020. 9. The club's CPA estimates that income taxes expense for the entire year is $624,000, which is due in April 2021. Required a) Journalize the adjusting entries on 31 December 2020. (Omit explanations.). (18 marks) b) Prepare the adjusted trial balance at 31 December 2020. (12 marks) c) Prepare the income statement and the statement of retained earnings for the year ended 31 December 2020. (11 marks) Zambian Co, records show the following purchases and sales for the month of May. Unit Cost Units 30 20 $9 Date Beginning Inventory 1 May 10 May Sale 15 May Purchase 24 May Purchase 30 May Sale 22 $11 $12 38 48 Required Compute the ending inventory at 31 May and cost of goods sold using: a) (i) FIFO method under periodic inventory system. (ii) FIFO method under perpetual inventory system. (6 marks) b) (i) Average-cost method under periodic inventory system. (ii) Average-cost method under perpetual inventory system. (8 marks)