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Total Marks: 100 marks Question 1 (100 marks) Pigeon Company is engaged in organizing playgroup programs for children. The company adjusts its accounts monthly and prepares closing entries annually on 31 December. The following is the unadjusted trial balance dated 31 December 2020: Debit ($). Credit (S. Cash 424,540 Accounts Receivable 353,750 Supplies 12,400 Prepaid Rent 27,000 Land 1,952,000 Equipment 1,440,000 Accumulated Depreciation: Equipment 435,000 6% 3-year Notes Payable (Due on 31 December, 2022) 500,000 Accounts Payable 200,430 Income Taxes Payable 36,220 Unearned Service Revenue 82,500 Share Capital (@$2 per share) 2,000,000 Retained Earnings 322,390 Service Revenue Earned 2,950,300 98,250 Supplies Expense 88,000 Depreciation Expense: Equipment Salaries Expense 657,000 40,350 Advertising Expense C Get Homework Help With Chegg Study | Chegg.com https://moodle.cpce-polyu.edu.hk/pluginfile.php/6183146/mod resou... https://moodle.cpce-polyu.edu.hkoluginfile.php/6174899/moc Interest Expense 22,500 Insurance Expense 45,000 Rent Expense 1,304,050 Income Taxes Expense 62,000 TOTAL 6,526,840 6,526,840 Information on adjusting entries: (1) Additional supplies of $2,300 were purchased on account on 29 December 2020 and no entries have been made. I (2) A 10-month rental agreement of a storage room was prepaid on 1 May 2020 and commenced on the same day. (3) Equipment is expected to be depreciated over a period of 15 years. (4) Supplies on hand on 31 December 2020 were ere $11,000. (5) The owner of Pigeon Company paid $50,000 by his private bank to buy a van for his personal use. Page 2 (6) Interest on 6% 3-year notes payable of $500,000 is payable at the beginning of next quarter (i.e. the interest payments were paid on 1 April, 1 July and 1 October during the year). No interest adjusting entries has been made after the last payment. (7) $25,000 of the unearned service revenue was now earned as service provided on 31 December 2020. I (8) Accrued, unpaid and unrecorded salaries at 31 December 2020 amounted to $21,000. (9) On 31 December 2020, Pigeon Company declared a dividend of $0.3 per share. 30% of the total amount was paid on the same date and the remaining balance will be paid on 31 January 2021. (10) Estimated income taxes expense for the entire year amounted to $58,000. The amount is due for payment in February 2021. Required Required (a) Update the Company's records on 31 December 2020 by preparing the necessary adjusting entries for the above items. Explanations are NOT required. If any item does not require adjustment, state "No entry and name the accounting principle/concept to support your answer. NO NEED to explain the reasons. (60 marks)