Hang Tuah owned Hang Tuah Management Service firm which located in Muar. The firm incorporated in...

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Hang Tuah owned Hang Tuah Management Service firm which located in Muar. The firm incorporated in 2015 and earns its revenue by providing consultancy and business solution to clients such as individuals, business entities and government agencies. The firm appointed you to complete the accounting records. Hang Tuah Management Service's unadjusted trial balance at the end of 31 December 2020 is as follows: Cash Accounts Receivable Office Supplies Prepaid Insurance Building Office Equipment Accumulated Depreciation- Office Equipment Accounts Payable Unearned Revenue Hang Tuah, Capital Hang Tuah, Withdrawals Revenue Salaries Expense Insurance Expense Utilities Expense Additional information: 1. 2. 3. 4. 5. 6. 7. Hang Tuah Management Service Unadjusted Trial Balance As at 31 December 2020 8. Debit (RM) 255,600 62,160 137,100 27,000 200,000 67,440 30,000 64,000 90,000 27,480 960,780 Ending balance of office supplies is RM9,240. Prepaid insurance expired during the year is RM9,000. Credit (RM) 9,840 28,440 22,500 180,000 720,000 960,780 Depreciation of building is using straight line method with an estimated useful life of 40 years and no salvage value. The building was acquired on 1 July 2020. Depreciation of office equipment for the period is RM4,860. Utilities accrued at the end of period is RM24,000. On 1 October 2020, a contract for five (5) months was signed to provide management service to a client for a fixed monthly charge of RM7,000. The contract was effective immediately and the customer paid five (5) months' service in advance. At the end of the period, a total of RM15,000 worth of services provided to a client was not recorded. You discovered that an amount of RM13,000 of withdrawal was charged to salaries expense's account. BKAF1023 INTRODUCTION TO FINANCIAL ACCOUNTING REQUIRED: (a) Prepare the adjusting entries for the year ended 31 December 2020 for Hang Tuah Management Service (explanation is not required). (8 Marks) (b) Prepare the following for Hang Tuah Management Service: (i) Adjusted Trial Balance as at 31 December 2020 (show your workings). (ii) Closing entries for the year ended 31 December 2020. (iii) Statement of Financial Position as at 31 December 2020. (8.5 Marks) (3.5 Marks) (5 Marks) Hang Tuah owned Hang Tuah Management Service firm which located in Muar. The firm incorporated in 2015 and earns its revenue by providing consultancy and business solution to clients such as individuals, business entities and government agencies. The firm appointed you to complete the accounting records. Hang Tuah Management Service's unadjusted trial balance at the end of 31 December 2020 is as follows: Cash Accounts Receivable Office Supplies Prepaid Insurance Building Office Equipment Accumulated Depreciation- Office Equipment Accounts Payable Unearned Revenue Hang Tuah, Capital Hang Tuah, Withdrawals Revenue Salaries Expense Insurance Expense Utilities Expense Additional information: 1. 2. 3. 4. 5. 6. 7. Hang Tuah Management Service Unadjusted Trial Balance As at 31 December 2020 8. Debit (RM) 255,600 62,160 137,100 27,000 200,000 67,440 30,000 64,000 90,000 27,480 960,780 Ending balance of office supplies is RM9,240. Prepaid insurance expired during the year is RM9,000. Credit (RM) 9,840 28,440 22,500 180,000 720,000 960,780 Depreciation of building is using straight line method with an estimated useful life of 40 years and no salvage value. The building was acquired on 1 July 2020. Depreciation of office equipment for the period is RM4,860. Utilities accrued at the end of period is RM24,000. On 1 October 2020, a contract for five (5) months was signed to provide management service to a client for a fixed monthly charge of RM7,000. The contract was effective immediately and the customer paid five (5) months' service in advance. At the end of the period, a total of RM15,000 worth of services provided to a client was not recorded. You discovered that an amount of RM13,000 of withdrawal was charged to salaries expense's account. BKAF1023 INTRODUCTION TO FINANCIAL ACCOUNTING REQUIRED: (a) Prepare the adjusting entries for the year ended 31 December 2020 for Hang Tuah Management Service (explanation is not required). (8 Marks) (b) Prepare the following for Hang Tuah Management Service: (i) Adjusted Trial Balance as at 31 December 2020 (show your workings). (ii) Closing entries for the year ended 31 December 2020. (iii) Statement of Financial Position as at 31 December 2020. (8.5 Marks) (3.5 Marks) (5 Marks)