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  3. debit rm credit rm cash 2,950 ...

Debit RM Credit RM Cash 2,950 ...

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Question

Accounting

Debit

RM

Credit

RM

Cash

2,950

Supplies

12,295

Prepaid Insurance

2,735

Equipment

95,650

Accumulated depreciation - Equipment

21,209

Vehicles

36,300

Accumulated depreciation - Vehicles

7,400

Account outstanding

4,015

Capital

67,426

Take

6,000

Service results

99,950

Wage shopping

26,925

Rent shopping

9,600

Vehicle shopping

5,350

Miscellaneous expense

2,195

200,000

200,000

The following information is provided for year -end adjustments.

i. The supply on hand as at 31 December 2020 is RM7,120.

ii. The expired insurance premium for 2020 is RM2,000.

iii. Depreciation for the year 2020 for Equipment and Vehicles is RM4,200 and RM2,200 respectively.

iv. The unpaid wage expenditure in 2020 is RM600.

v. Unbilled service revenue in 2020 is RM9,950

REQUIRED:

a. Prepare journal entries for each of the above adjustments.

b. Prepare Adjusted Trial Balance as at 31 December 2020.

c. Prepare Income Statement, Owners' Equity and Balance Sheet as at 31 December 2020.

d. Prepare a journal of closing notes and Trial Balance after closing.

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