Please help me see if my answer to this problem is correct.

The November 30, 20x1 trial balance of Rak N' Koll Co., a call center business, shows the following information:

RAK N' ROLL co.

Trial Balance

November 30, 20x1

ACCOUNTS DebitCredit

Cash396,000

Accounts receivable-

Prepaid insurance-

Computer equipment1,400,000

Accumulated depreciation240,000

Notes payable1,000,000

Owner's equity 1,254,000

Owner's drawings3,300,000

Service fees4,946,000

Salaries expense990,000

Rent expense1,100,000

Utilities expense 165,000

Office supplies expense84,000

Insurance expense5,000

Totals7,440,0007,440,000

The supporting documents for the business transactions during December 20xI are as follows:

CHECK DISBURSEMENT VOUCHERS

1.12/01/20x1

CV# 03455

Check # 0511183

Payable to: Hair Jordan Building

In the amount of 100,000

2.12/03/20x1

CV# 03456

Check # 0511184

Payable to: Bamboo Trading

In the amount of 20,000

3.12/15/20x1

CV# 03457

Check # 0511185

Payable to: Ms. Kaye Hera

In the amount of 45,000

4.12/17/20x1

CV# 03458

Check # 0511186

Payable to: Pong Cutters Computers

In the amount of 150,000

5.12/17/20x1

CV# 03459

Check # 0511187

Payable to: Mang Benny

In the amount of 15,000

6.12/23/20x1

CV# 03460

Check # 0511189

Payable to: Ms. Kaye Hera

In the amount of 75,000

7.12/28/20x1

CV# 03461

Check # 0511190

Payable to: Pine Insurance

In the amount of 5,000

8.12/30/20x1

CV# 03462

Check # 0511191

Payable to: Ms. Kaye Hera

In the amount of 45,000

OFFICIAL RECEIPTS

1.12/2/20x1

Check # 0332145

Received from: Bandolin Enterprise

Sum of: 262,000

In partial payment of Virtual assistant services

2.12/12/20x1

Check # 0998942

Received from: Red George Cars

Sum of: 60,000

In partial payment of Monthly retainer's fee

3.12/23/20x1

cash

Received from: Tender Guitars

Sum of: 37,000

In partial payment of service fees

4.12/30/20x1

Check # 0023984

Received from: Moon Bliss Manpower

Sum of: 350,000

In partial payment of Call services

Hints.

* Official receipt (OR) is a source document that evidence the collection of fees from the rendering of services.

* Check disbursement voucher (CDV) is a source document that evidences payment

* 13th-month pay is chargeable to the "salaries expense" account

* Before recording a transaction, check the trial balance to see what account was used to record a similar transaction in the previous months

* Use the "prepaid insurance" account to record the prepayment of insurance.

Additional information: Adjusting entries

i.Hedge Fund, Inc., a customer, has been billed for call services rendered in December 20x1 amounting to 34,000. Hedge informed the Company that the check for the said amount is still being processed and is expected to be deposited to the Rak N' Koll's bank account on the first week of January 20x2. Rak N' Koll recorded the billing only in January 20x2 when the service fees were collected.

ii.Unused office supplies on December 31, 20x1 amount to 9,000.

iii.The laptop computers acquired in December have an estimated useful life of 2 years with no residual value. The Company recognizes full-month depreciation in the month of acquisition. The annual depredation for the existing equipment (excluding the newly acquired laptop computers) is P120,000. No depreciation has yet been recognized for the year.

iv.The notes payable pertains to a 12% bank loan taken on November 30, 20x1. The principal loan is due after five years but monthly interests are due at the beginning of each month starting January 20x2.

v.Although no bills have yet been received, Rak N' wants to accrue P7,500 for unpaid utilities used from December 16 to 31, 20x1.

Requirements:

a. Analyze the supporting documents and record them in the Journal in chronological order (i.e., arranged by date).

b. Post the transactions in the Ledger (use T-accounts). Be sure to place the amounts in the trial balance above as the beginning balances in your T-accounts.

c. Prepare the unadjusted trial balance columns of the December 31, 20x1 worksheet.

d. Prepare the year-end adjusting entries.

e. Complete the remaining columns of the December 31, 20x1 worksheet up to the post-closing trial balance columns.

f. Prepare the closing entries.

g. Prepare the 20x1 statement of financial position (balance sheet) and statement of profit or loss (income statement).