Question 1 Question 3 Homework Intelligent Toys, Inc Unadjusted Trial Balance As at 31 March 2020 Dr Cr $ $ Accounts Payable 143,900 271,160 496,800 5,260 6,480,000 1,207,278 335,200 400 500 Accounts Receivable Accumulated Depreciation - Building Allowance for Doubtful Accounts Bad Debt Expense Building Cash Depreciation Expense - Building Depreciation Expense - Equipment Dividends Payable Freight-in Freight-out Insurance Expense Interest Expense Interest Payable Interest Receivable Interest Revenue Long-term Investment Gain/Loss on Disposal Merchandise Inventory Miscellaneous Expense Notes Payable Ordinary Share Dividends Distributable 2,500,000 6,128 650,000 150,000 DA T-MARA 12nnn 150,000 12,000 3,718 1,200 193,000 112,348 37,800 980 Notes Payable Ordinary Share Dividends Distributable Prepaid Insurance Purchase Discounts Purchase Returns and Allowances Purchases Retained Earnings Salaries Expense Salaries Payable Sales Returns and Allowances Sales Revenue Share Capital - Ordinary Share Capital - Preference Share Premium - Ordinary Share Premium - Preference Share Premium - Treasury Supplies Supplies Expense Treasury Shares Unearned Rent Revenue Utilities Expense 446,960 4,400,000 4,000,000 1,000,000 200,000 10,140 46,000 120,000 - XXXXXXXX XXXXXXXX The following information is available on 31 March 2020 for preparation of adjusting entries: (a) Electricity incurred for the month amounted to $5,800. (b) All employees worked for the whole month of March. The employees have a total salary of $27,000 for a five-day work week. All employees work a five-day week and are paid every four weeks on the following Wednesday, based on the number of days they have worked in the last four weeks. Last payment day is on 11 March 2020 (Wednesday). ITI paid $108,000 ($27,000 x 4) for salary up to 10th March 2020 (Tuesday). Employees are entitled to full pay on public holidays but not on Saturday and Sunday. (c) Building is recorded at historical cost and their estimated useful lives are 50 years. No residual value is expected for the building. The building was acquired on 1 May 2016. The company uses straight-line method for all buildings. (d) The prepaid insurance was paid in July 2019 covering a 12-month general insurance from 1 July 2019 to 30 June 2020. (e) Physical count showed that $4,000 of supplies remained on hand. (f) Allowance for bad debt is estimated based on 10% of the closing accounts receivable balance due to dramatical down turn of the economy. Recognize interest expense for the month. (Information of the notes payable: On 13 March 2020, ITI purchased $150,000 inventory by signing a 90-day, 5% notes payable.) Intelligent Toys, Inc (ITI) is a well establish toys trading company which adopts the periodic system. ITI prepares its financial statements on a monthly basis. Required: Journalize the adjusting entries for the information (a) to (g) for the month of March at 31 March 2020. Leave the space blank if no entry is required. All the accounts in the chart of accounts are listed in the Unadjusted Trial Balance provided. No Explanation is required. Please copy and paste the account names from the provided Unadjusted Trial Balance. Input numerals for amount only, no "," or "$" sign are needed, eg, five thousand should be input as 5000