Gracious Berhad's year end is 30 June 2019 and the following has been extracted from the...

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Gracious Berhad's year end is 30 June 2019 and the following has been extracted from the company's Trial Balance as shown below: Dr Cr Insurance Expense Prepaid Rent Wages Expense 2,400 3,600 1,500 Unearned Income 2,500 a) Gracious Berhad purchased one-year insurance policy on 1 May 2019 for RM2,400. b) The company signed a rental agreement to rent a shop at KL Tower. Two years' rental agreement was signed and paid for on 1 April 2019. c) Wages owing to employees not recorded as at 30 June 2019 were RM3,000. d) Unearned income represents goods to be delivered by Gracious Berhad to a customer during June and July 2019. As at 30 June 2019, RM1,200 of the goods had been delivered to the customer with the balance to be delivered in July 2019. Required: 1. Provide the necessary general journals for the adjusting entries. 2. Assume that Gracious Berhad's unadjusted profit before tax for year ended 30 June 2019 was RM150,000. Determine the adjusted net profit before tax of Gracious Berhad for year ended 30 June 2019. Gracious Berhad's year end is 30 June 2019 and the following has been extracted from the company's Trial Balance as shown below: Dr Cr Insurance Expense Prepaid Rent Wages Expense 2,400 3,600 1,500 Unearned Income 2,500 a) Gracious Berhad purchased one-year insurance policy on 1 May 2019 for RM2,400. b) The company signed a rental agreement to rent a shop at KL Tower. Two years' rental agreement was signed and paid for on 1 April 2019. c) Wages owing to employees not recorded as at 30 June 2019 were RM3,000. d) Unearned income represents goods to be delivered by Gracious Berhad to a customer during June and July 2019. As at 30 June 2019, RM1,200 of the goods had been delivered to the customer with the balance to be delivered in July 2019. Required: 1. Provide the necessary general journals for the adjusting entries. 2. Assume that Gracious Berhad's unadjusted profit before tax for year ended 30 June 2019 was RM150,000. Determine the adjusted net profit before tax of Gracious Berhad for year ended 30 June 2019.

Answer rating: 100% (QA)

General Journal Date Accouns Title Dr Cr RM2000 Prepaid Insurance ... View the full answer