For the past several years, Miss Emma has operated a part-time consulting business from her home....

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For the past several years, Miss Emma has operated a part-time consulting business from her home. As of 1 August 2023, Miss Emma decided to move to rented shop lots to operate the business, which was to be known as Emma Services, on a full-time basis. Emma Services entered the following transactions during August: August The following assets were received from Miss Emma: cash, RM13,500; accounts 1. receivable, RM20,800; supplies, RM3,200; and office equipment, RM7,500. There were no liabilities received. 1. 2. 4. 5. 6. 10. 12. 12. 14. 17. 18. 20. 24. 26. 27. 29. PART A: RECORDING BUSINESS TRANSACTIONS 31. 31. 31. 31. Paid two months' rent on a lease rental contract, RM4,800. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, RM5,500. Paid the premiums on property and casualty insurance policies, RM4,500. Paid cash for a social media advertisement, RM400. Received cash from clients on account, RM15,300. Purchased additional office equipment on account from Office Supply Co., RM6,500. Paid Office Supply Co. for part of the debt incurred on August 10, RM5,200. Provided services on account for the period August 1-12, RM13,300. Paid receptionist for two weeks' salary, RM1,750. Paid cash for supplies, RM600. Received cash from cash clients for fees earned during the period August 1- 17, RM9,450. Provided services on account for the period August 13-20, RM6,650. Received cash from cash clients for fees earned for the period August 17- 24, RM4,000. Received cash from clients on account, RM12,000. Paid receptionist for two weeks' salary, RM1,750. Paid telephone bill for August, RM325. Paid electricity bill for August, RM675. Received cash from cash clients for fees earned for the period August 25- 31, RM5,200. Provided services on account for the remainder of August, RM3,000. Emma withdrew RM12,500 for personal use. 5/17 Instructions 1. Prepare journal entries for each transaction listed above based on Emma Services's chart of accounts. Use Section I (a): Initial Journal Entries template. Chart of Accounts for Emma Services Capital Drawing Fees Earned Salary Expense Supplies Expense Rent Expense Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Office Equipment Accumulated Depreciation - Office Equipment Accounts Payable Salaries Payable Unearned Fees Depreciation Expense Insurance Expense Miscellaneous Expense Income Summary 2. Post the journal entries to T-accounts using Section II template. 3. Enter the unadjusted balance into Section III template (the unadjusted trial balance). 4. At the end of August, the following adjustment data were assembled. Prepare the adjusting journal entries using Section I (b): Adjusting Journal Entries template. Then, post the adjusting journal entries to the T-accounts (use the same T-accounts in Question 2). (a) Insurance expired during August is RM375. (b) Depreciation of office equipment for August is RM750. (c) Rent expired during August is RM2,400. (d) Supplies on hand on August 31 are RM1,525. (e) Unearned fees on August 31 are RM2,750. (f) Accrued receptionist salary on August 31 is RM175. 5. Enter the adjustment data into Section III template (the adjustment columns). 6. Prepare an adjusted trial balance as at 31 August 2023 using Section III template (the adjusted trial balance). 7. Prepare an income statement, a statement of owner's equity, and a balance sheet using Section IV templates. 8. Prepare the closing journal entries using Section I (c): Closing Journal Entries and post to the appropriate account. 9. Finally, prepare a post-closing trial balance using Section III template (the post-closing trial balance). For the past several years, Miss Emma has operated a part-time consulting business from her home. As of 1 August 2023, Miss Emma decided to move to rented shop lots to operate the business, which was to be known as Emma Services, on a full-time basis. Emma Services entered the following transactions during August: August The following assets were received from Miss Emma: cash, RM13,500; accounts 1. receivable, RM20,800; supplies, RM3,200; and office equipment, RM7,500. There were no liabilities received. 1. 2. 4. 5. 6. 10. 12. 12. 14. 17. 18. 20. 24. 26. 27. 29. PART A: RECORDING BUSINESS TRANSACTIONS 31. 31. 31. 31. Paid two months' rent on a lease rental contract, RM4,800. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, RM5,500. Paid the premiums on property and casualty insurance policies, RM4,500. Paid cash for a social media advertisement, RM400. Received cash from clients on account, RM15,300. Purchased additional office equipment on account from Office Supply Co., RM6,500. Paid Office Supply Co. for part of the debt incurred on August 10, RM5,200. Provided services on account for the period August 1-12, RM13,300. Paid receptionist for two weeks' salary, RM1,750. Paid cash for supplies, RM600. Received cash from cash clients for fees earned during the period August 1- 17, RM9,450. Provided services on account for the period August 13-20, RM6,650. Received cash from cash clients for fees earned for the period August 17- 24, RM4,000. Received cash from clients on account, RM12,000. Paid receptionist for two weeks' salary, RM1,750. Paid telephone bill for August, RM325. Paid electricity bill for August, RM675. Received cash from cash clients for fees earned for the period August 25- 31, RM5,200. Provided services on account for the remainder of August, RM3,000. Emma withdrew RM12,500 for personal use. 5/17 Instructions 1. Prepare journal entries for each transaction listed above based on Emma Services's chart of accounts. Use Section I (a): Initial Journal Entries template. Chart of Accounts for Emma Services Capital Drawing Fees Earned Salary Expense Supplies Expense Rent Expense Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Office Equipment Accumulated Depreciation - Office Equipment Accounts Payable Salaries Payable Unearned Fees Depreciation Expense Insurance Expense Miscellaneous Expense Income Summary 2. Post the journal entries to T-accounts using Section II template. 3. Enter the unadjusted balance into Section III template (the unadjusted trial balance). 4. At the end of August, the following adjustment data were assembled. Prepare the adjusting journal entries using Section I (b): Adjusting Journal Entries template. Then, post the adjusting journal entries to the T-accounts (use the same T-accounts in Question 2). (a) Insurance expired during August is RM375. (b) Depreciation of office equipment for August is RM750. (c) Rent expired during August is RM2,400. (d) Supplies on hand on August 31 are RM1,525. (e) Unearned fees on August 31 are RM2,750. (f) Accrued receptionist salary on August 31 is RM175. 5. Enter the adjustment data into Section III template (the adjustment columns). 6. Prepare an adjusted trial balance as at 31 August 2023 using Section III template (the adjusted trial balance). 7. Prepare an income statement, a statement of owner's equity, and a balance sheet using Section IV templates. 8. Prepare the closing journal entries using Section I (c): Closing Journal Entries and post to the appropriate account. 9. Finally, prepare a post-closing trial balance using Section III template (the post-closing trial balance).

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Income Statement For the month ended 31 August 2023 Fees Earned as per adjusted trial balance RM51700 Less Expenses Salary Expense Salary Expense per adjusted trial balance RM3675 Supplies Expense Sup... View the full answer