Ringo operated a management and accounting services in Taiping. He is the sole owner of the firm, Maxwell Trail Services (MTS) and has several regular customers since its inception in 2016. The following is the businesss unadjusted trial balance as of 31 December 2020.

Maxwell Trail Services

Unadjusted Trial Balance

As of 31 December 2020

	RM		RM
Cash	73,750
Accounts receivable	124,000
Supplies	4,900
Prepaid Insurance	2,750
Office equipment	62,500
Accumulated depreciation Office equipment			15,625
Accounts payable			18,000
Unearned revenue			1,875
Ringo, capital			87,500
Ringo, withdrawals	10,000
Revenue			250,000
Salaries expenses	66,250
Rent expenses	24,375
Office Expenses	1,800
Utilities expense	2,675
	373,000		373,000

Additional information:

1. Fees received in advance from clients RM15,000, which were recorded as revenue.
2. Services performed for clients that were not recorded by 31 December, RM12,250.
3. Depreciation of office equipment for the period is RM2,375.
4. Insurance expired during the year RM1,200
5. Salaries accrued at the end of period is RM12,400.
6. Paid RM13,800 for 6-month office rental until 30 June 2021.
7. Revenue earned but not billed is RM17,400.
8. Purchased a new 4x4 vehicle for RM54,500. MTS paid RM4,500 as a deposit while the balance is using a bank loan arranged by the seller.
9. Ringo took out RM5,000 to spend on a personal retreat at a 5-star hotel in Langkawi.

REQUIRED:

(a) Prepare the relevant adjusting entries for the above transactions (omit explanations).

(5 Marks)

(b) Post the adjusting entries in (a) above to their respective ledger accounts.

(5 Marks)

(c) Prepare the Adjusted Trial Balance as of 31 December 2020.

(6 Marks)

(d) Prepare the following statements for Maxwell Trail Services:

(i) Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2020.

(3 Marks)

(ii) Statement of Owners Equity for the year ended 31 December 2020.

(2 Marks)

(iii) Statement of Financial Position as of 31 December 2020.

(4 Ma