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  3. the following information was extracted from oxrac

The following information was extracted from OxRact Enterprise as at December 31st 2020:...

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Accounting

The following information was extracted from OxRact Enterprise as at December 31st
2020:
Additional information:
Inventory as at 31st December RM220,000
Rent contract is for 2 years starting from 1st December 2020
Insurance backage covers 1 year starting from 1st October 2020
Supplies as at 1st January 2020 RM3,750, and the supplies purchased during the
year RM37,950
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The owner has withdrawn RM1,500 goods for his family use and no record was made.
The owner has purchased a car for the company use costing RM150,000 using his
own money and no record was made.
One of the employees was given an advance January 2021 salary of RM700 and the
amount was debited to wages and salaries expenses.
Required:
Prepare Accounting Worksheet at December 31st,2020.
Prepare the Statement of Owner's Equity as at December 31st,2020
Determine the effect of adjusting entries on the accounting equation.
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