Matrix Ltd began operations on 1 July 2016. Quarterly financial statements are prepared. The trial balance and adjusted trial balance on 30 September are shown below. 

Required

(a) Journalise the adjusting entries that were made.

(b) Prepare a statement of profit or loss and a calculation of retained earnings for the 3 months ending 30 September and prepare a statement of financial position as at 30 September.

(c) Identify which accounts should be closed on 30 September.

(d) If the interest rate on the loan is 12%, when did Matrix Ltd take out the loan?

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Account name Cash No. 100 110 Commissions Receivable 120 130 150 Equipment 151 Accumulated Depreciation- Prepaid Rent Supplies MATRIX LTD Trial balances as at 30 September 2016 Equipment Accounts Payable Salaries Payable Interest Payable Rent Rev. Recd in Advance Bank Loan Share Capital 200 210 220 230 250 300 310 Retained Earnings Unadjusted Dr $ 8710 520 1950 1560 19 500 Cr $ 1963 1170 6500 18 200 Adjusted Dr $ 8710 1300 1170 1 300 19 500 Cr $ 455 1963 520 65 780 6500 18 200