PSPM 2010/2011

Sanguine Ent (SE) has a fiscal year ending on June 30. Selected data are presented below:

Accounts

Dr

Cr

Cash

13,550

Accounts receivables

37,500

Prepaid insurance

1,800

Investment, long term

20,000

Land

50,000

Building

137,500

Accumulated depreciation

-

building

51,000

Office equipment

90,100

Accumulated depreciation

-

Office equipment

35,300

Accounts payable

33,500

Liabilities, long term (6% annually)

25,000

Unearned rent revenue

3,000

Capital

222,500

Withdrawal

10,000

Sales

288,400

Purchases

90,000

Sales returns

8,000

Purchase returns

5,500

Sales discounts

3,050

Purchase discounts

2,250

Inventory, July 1, 2009

15,000

Salaries and wages expenses

101,200

Advertising expense

58,200

Utility expense

19,000

Maintenance expense

11,550

666,450

666,450

Information on June 30, 2010:

1.

Inventory on June 30 2010, RM23,550.

2.

Prepaid insurance expired during the year, RM800.

3.

Interest expenses should be paid on June 30 and December 31.

4.

Building depreciation, RM1,620 and Office equipment, RM3500 during the year.

5.

Accrued salaries and wages expenses, RM1,050.

6.

Unearned rent revenue, RM1,000.

7.

The company writes off En Ramli's

, RM10,000 as uncollectible on June 30, 2010. The

estimated percentage uncollectible is 1% of accounts receivable balance on June 30, 2010