Part B Presented below is a Statement of Financial Position for Quick Laundry Service as a 31 December 2017 QUICK LAUNDRY SERVICE Statement of Financial Position As at 31 December 2017 RM Accounts receivable Laundry supplies Prepaid Insurance 12,000 Liabilities 4,800 21,000 Accounts payable 2,800 3,500 40,000 46,300 Share capital-ordinary Total assets Total equity& liabilities The following additional data oocurred for the year 2017: All expenses (excluding laundry supplies expense and insuance expense) were RM4,500. Laundry supplies as at January were RM2,000 and RM6,100 were purchased during the year. Prepaid Insurance as1 January was RM3,000 and RM9,300 were purchased during the year. Net income for the year was RM7,200. Instructions: Based on above information, caleulate the following amount for the year 2017. Show all workings a Laundry supplies expense (b) Insurance expense for the year 2 marks) (2 marks) (c) Total expenses for the year. (d) Service revenues for the year 2 marks) 2 marks) Part C Pretty Please Bhd, newly commenced its business and occurred the following transactions for the month of October 2017, . The company issucs oedinary shares in exchange for RM80,000 cash 2. Purchased land costing RM50,000 for cash 3. Purchased equipment oosting RM30,000 on credit by signing a 30-day, notes payable . Purchased supplies on account for RM1,500 5. Received RM4,000 cash for future service to be performed 6. Pald RM1,500 for a one-year insarance policy Performed services to client on account amounted RM6,000. Paid salaries to employees for RM2,500. 9. Paid dividends of RM1,000. lastructon Journalize the above transactions. You may omit journal explanations 9 marks) TOTAL 25 MARKs