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Syarikat Bernama is a small company operated by Ikhwan three years ago. On July 31,...

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Accounting

Syarikat Bernama is a small company operated by Ikhwan three years ago. On July 31, 2019, the trial balance of Syarikat Bernama is as follows:

Cash

3,425

Account Receivables

7,000

Supplies

1,270

Prepaid Insurance

620

Office Equipment

51,650

Accumulated Depreciation

9,700

Accounts Payable

925

Unearned Fees

1,250

Ikhwan, Capital

29,000

Ikhwan, Withdrawals

5,200

Fees Earned

59,125

Wages Expense

22,415

Rent Expense

4,200

Utility Expense

2,715

Miscellaneous Expense

1,505

100,000

100,000

The data needed to determine year-end adjustments are as follows:

  1. Supplies on hand at July 31, 2019, RM380.
  2. Insurance premiums expired during the year, RM315.
  3. Depreciation of equipment during the year, RM4,950
  4. Wages accrued but were not paid on July 31, 2019, RM440.
  5. Accrued fees earned but not recorded at July 31, 2019, RM1,000.
  6. Unearned fees on July 31, 2019, RM750.

REQUIRED:

  1. Journalize the adjusting entries.
  2. Prepare the income statement, a statement of owner equity and a balance sheet.
  3. Journalize the closing entries.
  4. Prepare a post-closing trial balance.

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