MTHS Accounting firm starts operation on 1 July 2007. They provide. accounting and auditing services to...

 

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MTHS Accounting firm starts operation on 1 July 2007. They provide. accounting and auditing services to businesses. The following is the unadjusted trial balance of MTHS Accounting firm as at 30 June 2017. Account Cash Office supplies E Accounts Receivable ADAMAN Prepaid insurance RAKE PAY Building KOSKEN Motor Vehicle Accounts Payable Bank Loan Capital MTHS MTHS Accounting Firm Trial Balance as at 30 June 2017 Drawings-MTHS Accounting fees Rental revenues Interest expense Salaries expenses Utilities expenses Debit RM 13,000 500 2.300 4,800 60,000 30,000 1,200 1,000 4.500 1400 118,700 Credit RM (h) Salaries accrued amount to RM600 and utilities expense accrued is RM200. (1) Provision of doubtful debts for RM300 is to be created () As at 30 June 2008, you are required to: 5,600 25,000 60,000 Additional information; (a) Office supplies used during the year amounted to RM350. (b) Insurance was paid on 1 July 2007 for two years (24 months) coverage. (c) Building is depreciated at 5% of original cost () Prepare the adjusting entries. () Prepare the adjusted trial balance. (ii) Prepare 25,700 2,400 (d) Motor vehicle is expected to have 5 years of useful life. (e) The accounting fees include retainer fees received for service to be provided in July and August 2008, amounting to RM3,400, 118,700 (0) Tenant owed RM500 for May and June shop rentals as at 30 June 2008 (a) Interest on loan of RM300 is due on 30 June 2008, but this has not been paid • Statement of profit Loss and Comprehensive Income and Financial Position of MTHS. (iv) Prepare the closing entries for MThS, and (v) Show the income summary account and capital account of MTHS MTHS Accounting firm starts operation on 1 July 2007. They provide. accounting and auditing services to businesses. The following is the unadjusted trial balance of MTHS Accounting firm as at 30 June 2017. Account Cash Office supplies E Accounts Receivable ADAMAN Prepaid insurance RAKE PAY Building KOSKEN Motor Vehicle Accounts Payable Bank Loan Capital MTHS MTHS Accounting Firm Trial Balance as at 30 June 2017 Drawings-MTHS Accounting fees Rental revenues Interest expense Salaries expenses Utilities expenses Debit RM 13,000 500 2.300 4,800 60,000 30,000 1,200 1,000 4.500 1400 118,700 Credit RM (h) Salaries accrued amount to RM600 and utilities expense accrued is RM200. (1) Provision of doubtful debts for RM300 is to be created () As at 30 June 2008, you are required to: 5,600 25,000 60,000 Additional information; (a) Office supplies used during the year amounted to RM350. (b) Insurance was paid on 1 July 2007 for two years (24 months) coverage. (c) Building is depreciated at 5% of original cost () Prepare the adjusting entries. () Prepare the adjusted trial balance. (ii) Prepare 25,700 2,400 (d) Motor vehicle is expected to have 5 years of useful life. (e) The accounting fees include retainer fees received for service to be provided in July and August 2008, amounting to RM3,400, 118,700 (0) Tenant owed RM500 for May and June shop rentals as at 30 June 2008 (a) Interest on loan of RM300 is due on 30 June 2008, but this has not been paid • Statement of profit Loss and Comprehensive Income and Financial Position of MTHS. (iv) Prepare the closing entries for MThS, and (v) Show the income summary account and capital account of MTHS

Answer rating: 100% (QA)

1 Prepare the Adjusting Entries Office Supplies Expense Debit Office Supplies Expense RM350 Credit Office Supplies RM350 Prepaid Insurance Debit Insurance Expense RM200 Credit Prepaid Insurance RM200 ... View the full answer