Antique Wood is a furniture manufacturer based in Klang, Selangor. The following trial account balances were...

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Antique Wood is a furniture manufacturer based in Klang, Selangor. The following trial account balances were extracted from the company's record on 31 December 2020. Antique Wood Account Balances as at 31 December 2020 Account Cash Inventory Accounts receivables Debit (RM) Credit (RM) 12,000 39,200 35,000 7,000 Note receivables Interest receivables Allowances for Doubtful Debt 1,800 Prepaid insurance 4,800 Prepaid Rent Prepaid Advertisement Equipment Accumulated depreciation -Equipment Account payable 150,000 15,000 19,800 Account payable Salary Payable Share capital - Ordinary Retained earnings Interest revenue 19,800 60,000 60,560 Sales revenue 260,000 Cost of goods sold 111,000 Salaries and wages expense 40,000 Advertising expense 5,360 Rent expense 12,800 Insurance expense Bad Debt Expense Depreciation expense- equipment 417,160 417,160 Additional information: (i) Insurance expired during the year, RM2,000. (ii) Estimated bad debts, 5% of the accounts receivable. Depreciation on equipment, 10% per year. (iv) Interest at 5% is receivable on the note for one full year. Additional information: (i) Insurance expired during the year, RM2,000. (ii) Estimated bad debts, 5% of the accounts receivable. (iii) Depreciation on equipment, 10% per year. (iv) Interest at 5% is receivable on the note for one full year. (v) Rent paid in advance, RM5,400 (originally charged to expense). (vi) Accrued salaries and wages at December 31, RM5,800. (vii) Advertising paid in advance, RM560 (originally charged to expense). Required; a) Show the journal entries for adjustments above. [14 marks] b) Complete the 10-columns worksheet for unadjusted trial balance through to balance sheet. [20 marks] c) Explain why year-end adjustments is necessary and consequences should adjustment entries were not done. [6 marks] Antique Wood is a furniture manufacturer based in Klang, Selangor. The following trial account balances were extracted from the company's record on 31 December 2020. Antique Wood Account Balances as at 31 December 2020 Account Cash Inventory Accounts receivables Debit (RM) Credit (RM) 12,000 39,200 35,000 7,000 Note receivables Interest receivables Allowances for Doubtful Debt 1,800 Prepaid insurance 4,800 Prepaid Rent Prepaid Advertisement Equipment Accumulated depreciation -Equipment Account payable 150,000 15,000 19,800 Account payable Salary Payable Share capital - Ordinary Retained earnings Interest revenue 19,800 60,000 60,560 Sales revenue 260,000 Cost of goods sold 111,000 Salaries and wages expense 40,000 Advertising expense 5,360 Rent expense 12,800 Insurance expense Bad Debt Expense Depreciation expense- equipment 417,160 417,160 Additional information: (i) Insurance expired during the year, RM2,000. (ii) Estimated bad debts, 5% of the accounts receivable. Depreciation on equipment, 10% per year. (iv) Interest at 5% is receivable on the note for one full year. Additional information: (i) Insurance expired during the year, RM2,000. (ii) Estimated bad debts, 5% of the accounts receivable. (iii) Depreciation on equipment, 10% per year. (iv) Interest at 5% is receivable on the note for one full year. (v) Rent paid in advance, RM5,400 (originally charged to expense). (vi) Accrued salaries and wages at December 31, RM5,800. (vii) Advertising paid in advance, RM560 (originally charged to expense). Required; a) Show the journal entries for adjustments above. [14 marks] b) Complete the 10-columns worksheet for unadjusted trial balance through to balance sheet. [20 marks] c) Explain why year-end adjustments is necessary and consequences should adjustment entries were not done. [6 marks]