Part B Presented below is a Statement of Financial Position for Quick Laundry Service as at 1 December 2017 QUICK LAUNDRY SERVICE Statement of Financial Position As at 31 December 2017 (RM) 12,000 Liabilities ,500 Accounts payable 4,800 Notes payable ,000 Equity 21,000 (RM) Accounts receivable Laundry supplies Prepaid Insurance Equipment 2,800 3,500 Share capital-ordinary Total assets Total equity & liabilities 46,300 46,300 The following additional data occurred for the year 2017: All expenses (excluding laundry supplies expense and insurance expense) were RM4,500. Laundry supplies as at 1 January were RM2,000 and RM6,100 were purchased during the year. Prepaid Insurance as at 1 January was RM3,000 and RM9,500 were purchased during the year. Net income for the year was RM7,200. Instructions: Based on above information, calculate the following amount for the year 2017. Show all workings. (aLaundry supplies expense (b) Insurance expense for the year (2 marks) (2 marks) PNAR c)Total expenses for the year (d) Service revenues for the year (2 marks) (2 marks) Part C Pretty Please Bhd, newly commenced its business and occurred the following transactions for the month of October 2017 1. The company issues ordinary shares in exchange for RM80,000 cash 2. Purchased land costing RM50,000 for cash. 3. Purchased equipment costing RM30,000 on credit by signing a 30-day, notes payable. 4. Purchased supplies on account for RM1,500. 5. Received RM4,000 cash for future service to be performed. 6. Paid RM1,500 for a one-year insurance policy 7. Performed services to client on account amounted RM6,000. 8. Paid salaries to employees for RM2,500. 9. Paid dividends of RM1,000. Instruction: Journalize the above transactions. You may omit journal explanations 9 marks) TOTAL 25 MARKS