QUESTION 1 (30 MARKS: 54 MINUTES) Hairey started to operate Orange Computer Service in September 2016. He brought in his own car worth RM120,000 and cash of RM150,000 for the business use. The following transactions were completed for the month of September 2016: September 1 Paid RM12,000 for six months rental starting from September 2016. 2 Purchased office supplies RM5,000 by cash. 5 Purchased equipment RM40,000 from Peace Manufacturing. A cash payment of RM5,000 was made immediately; the remainder will be paid next month. 7 Provided services to the customers and received cash RM15,000. 11 Paid Peace Manufacturing the full amount for the purchase made on 5 September. 15 Obtained RM90,000 cash as a loan from bank. 17 Received RM20,000 cash payment from a client for service that will be provided the next month. 22 Purchased a one-year insurance policy starting from October 2016 for RM6,000. 27 Paid utility bills totalled RM550 and RM6,700 salary to employees. 30 Hairey withdrew RM5,000 cash for personal use. Additional Information: 1. A count of office supplies shows RM4,000 of unused supplies on September 30 . 2. The equipment is expected to be used for five years and the salvage value is RM10,000. (The business uses the straight line method for depreciation). 3. Vehicles are to be depreciated at the rate of 20% per annum and the salvage value is RM15,000. (The business uses the straight line method for depreciation). 4. A total of RM700 salary remained payable at the end of the month. REQUIRED: (a) Prepare journal entries to record each of the transactions above including all the necessary adjustments (Omit the journal explanations). (10 Marks) (b) Post the journal entries to the three column ledger (accounts). (11 Marks) (c) Prepare an adjusted trial balance. (5 Marks) (d) Prepare a Statement of Profit or Loss and Other Comprehensive Income for September 2016. (4 Marks)