Required: Prepare the adjusting entries to Stark Sdn. Bhd.'s accounts at 30 June 2020. Each entry should
Fantastic news! We've Found the answer you've been seeking!
Question:
Required:
Prepare the adjusting entries to Stark Sdn. Bhd.'s accounts at 30 June 2020. Each entry should be made in general journal format (without narratives).
Transcribed Image Text:
The following are the accounts' balance of Stark Sdn. Bhd. as at 30 June 2020. The owner, Tony, has operated the business since 1 July 2016. Accounts Cash Accounts receivable Prepaid insurance Inventory at 30 June 2020 Office supplies Prepaid advertising Furniture & fittings Accumulated depreciation- furniture & fittings Uneamed sales revenue Accounts payable Long term loan Capital - Tony Sales revenue Salaries expenses Rental expenses Utilities expenses Additional information: Balance (RM) 37,000 30,400 4,800 45,600 9,000 6,800 45,200 20,800 7,400 35,000 24,000 48,000 84,000 11,600 26,400 2,400 (a) The balance of office supplies on hand at the end of the year is RM5,000. (b) RM7.400 of the sales recorded are sales for July 2020. The customer has paid in advance; however, the goods will be delivered in July 2020. (c) Rentals for the current year amounting to RM4,400 are not yet paid. (d) The actual prepaid advertising for July 2020 advertisement is RM600. (e) The accrued interest on the long term loan until 30 June 2020 is RM1,800. Employees' salary for June 2020 of RM6,600 is not yet paid. (f) (g) Furniture and fittings are depreciated at a rate of 10 per cent annually using the reducing balance method. (h) Expired insurance for the year ending June 2020 is RM2,400. (i) Utility bill for June 2020 of RM700 has been received but is not yet paid. The following are the accounts' balance of Stark Sdn. Bhd. as at 30 June 2020. The owner, Tony, has operated the business since 1 July 2016. Accounts Cash Accounts receivable Prepaid insurance Inventory at 30 June 2020 Office supplies Prepaid advertising Furniture & fittings Accumulated depreciation- furniture & fittings Uneamed sales revenue Accounts payable Long term loan Capital - Tony Sales revenue Salaries expenses Rental expenses Utilities expenses Additional information: Balance (RM) 37,000 30,400 4,800 45,600 9,000 6,800 45,200 20,800 7,400 35,000 24,000 48,000 84,000 11,600 26,400 2,400 (a) The balance of office supplies on hand at the end of the year is RM5,000. (b) RM7.400 of the sales recorded are sales for July 2020. The customer has paid in advance; however, the goods will be delivered in July 2020. (c) Rentals for the current year amounting to RM4,400 are not yet paid. (d) The actual prepaid advertising for July 2020 advertisement is RM600. (e) The accrued interest on the long term loan until 30 June 2020 is RM1,800. Employees' salary for June 2020 of RM6,600 is not yet paid. (f) (g) Furniture and fittings are depreciated at a rate of 10 per cent annually using the reducing balance method. (h) Expired insurance for the year ending June 2020 is RM2,400. (i) Utility bill for June 2020 of RM700 has been received but is not yet paid.
Expert Answer:
Answer rating: 100% (QA)
Based on the information provided we can prepare the necessary adjusting entries as of June 30 2020 for Stark Sdn Bhd Below are the adjustments requir... View the full answer
Related Book For
Accounting Introduction To Financial Accounting
ISBN: 9781517089719
1st Edition
Authors: Henry Dauderis, David Annand
Posted Date:
Students also viewed these accounting questions
-
World Religions Class Question: The adhan is recited bythe muezzin fromthe minaret ofthe mosque five times daily.The azan contains the words ofthe shahada . Explain what each of these termsmeans. A...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
The task is to apply the accounting principles and prepare a full set of annual report including Directors Report, Directors Declaration, Audit Report, Financial Statements (excluding Statement of...
-
If one movie ticket costs $13.50, how much will y tickets cost?
-
Smigel Industries manufactures plastic bottles for the food industry. On average, Smigel pays $73 per ton for its plastics. Smigel's waste-disposal company has increased its wastedisposal charge to...
-
A band limited white-noise process has a double sided power spectral density of 2 10 -5 W/Hz in the frequency range |f| 1 kHz.Find the auto correlation function of the noise process. Sketch and...
-
The inventory, purchases, and sales of Jamboree Products for the months of May and June are preand Inventory Methods sented below. The company closes its books at the end of each month and uses a...
-
At December 31, DePaul Corporation had a $16 million balance in its deferred tax asset account and a $68 million balance in its deferred tax liability account. The balances were due to the following...
-
Read the article, " Why the global economy is becoming ever more confusing" by The Economist. After reading the article, write one paragraph that interest you in the article? Reference:...
-
Merline Manufacturing makes its product for $70 per unit and sells it for $144 per unit. The sales staff receives a commission of 10% of sales. Its December Income statement follows. MERLINE...
-
How can I reply to this peer post while also asking a question? Good evening everyone, Having now been on both sides of government contracting, including as part of a government project management...
-
Milano Pizza is a small neighborhood pizzeria that has a small area for in-store dining as well as offering take-out and free home delivery services. The pizzeria's owner has determined that the shop...
-
Explain the contexts of the challenges at LAX? What were the current projects and who were the stakeholders? Was Flint seeking buy-in or engagement? What is the difference between the two as it...
-
1) If the height of a ball above the ground is H(x) 11x - x meters where x represents the number of seconds after it's thrown, what is its downward velocity when it hits the ground?
-
A.Explain the concept of time value of money in the context of simple interest. How would you use this in retirement planning? B. Compare and contrast the process of compounding to determine future...
-
Firefly Lawn Mowing and Plowing Inc. services both residential and commercial clients. Management believes that the commercial sector has more growth opportunities and is considering dropping the...
-
unreasonable search and seizure. What would this person actually say about the ethical dilemma issue? What criteria would he/she use to make the decision? Are there costs or consequences involved...
-
Subprime loans have higher loss rates than many other types of loans. Explain why lenders offer subprime loans. Describe the characteristics of the typical borrower in a subprime consumer loan.
-
What is the revenue operating cycle? How is its calculation useful in evaluating liquidity?
-
The following captions are sub-totals appearing in the shareholders' equity section of the balance sheet for Hudson Day Corporation: a. Total share capital b. Total retained earnings Required: For...
-
Identify and explain ratios that evaluate financial returns for investors.
-
I choose only to watch one news channel that matches my political persuasion. This is an example of which bias? Why? LO-7
-
Why should one ignore sunk costs in decision-making? LO-7
-
What are the major differences between rational decision-making and bounded rationality? LO-7
Study smarter with the SolutionInn App