The following information was extracted from OxRact Enterprise as at December ${31}^{st}$

$2020$:

Additional information:

Inventory as at ${31}^{st}$ December RM$220,000$

Rent contract is for $2$ years starting from $1^{st}$ December $2020$

Insurance backage covers $1$ year starting from $1^{st}$ October $2020$

Supplies as at $1$st January $2020$ RM$3,750,$ and the supplies purchased during the

year RM$37,950$

Allowance of doubtful debt is annually calculated $6\%$ from the accounts receivable

Depreciation is to be charged as follows: Equipment & furniture $20\%-$ Building $10\%$

Facilities amounting RM $300$ was still outstanding at the end of the year

The owner has withdrawn RM$1,500$ goods for his family use and no record was made.

The owner has purchased a car for the company use costing RM$150,000$ using his

own money and no record was made.

One of the employees was given an advance January $2021$ salary of RM$700$ and the

amount was debited to wages and salaries expenses.

Required:

Prepare Accounting Worksheet at December ${31}^{st},2020.$

Prepare the Statement of Owner's Equity as at December $31$st$,2020$

Determine the effect of adjusting entries on the accounting equation.