PROBLEM 2 - Accounting Cycle for Merchandising Company (35%) Learning Objective: Able to apply accounting cycles for services and merchandise company Drake Department Store shows the following accounts at the end of the Company's calendar year on December 31, 2020 (all in Rp000). Account Name Nama Akun Before After Adjustment Adjustment Cash and Bank Kas dan Bank 1.350 1.350 Office Equipment Peralatan Kantor 34.000 34.000 Accounts Payable Utang Dagang 5.800 5.800 Inventory Persediaan 6.700 6.700 Bank Payable Utang Bank 25.000 25.000 Interest Payable Utang Bunga 250 250 Income Tax Payable Utang Pajak 50 50 Sales Returns and Allowances Retur dan Potongan Penjualan 300 300 Sales Discounts Diskon Penjualan 200 200 Rent Expense Beban Sewa 4.400 4.400 Advertising Expense Beban Iklan 2.200 2.200 Accounts Receivable Piutang Dagang 5.800 7.100 Office Supplies Perlengkapan Kantor 2.300 700 Prepaid Insurance Asuransi Dibayar di Muka 4.000 3.000 Accum. Depr.--Office Equipment Akum. Depresiasi--Peralatan Kantor 5.400 10.800 Uneamed Rent Revenue Pendapatan Sewa Diterima di Muka 1.500 600 Owner's Capital Modal Pemilik 6.750 6.750 Sales Reveme Penjualan 44.850 46.150 Rent Revenue Pendapatan Sewa 1.000 1.900 COGS Beban Pokok Penjualan 17.900 17.900 Interest Expense Beban Dengan 1.250 1.250 Income Tax Expense Beban Pajak Penghasilan 1.000 1.000 Salaries Expense Beban Gaji 8.700 9.800 Salaries Payable Utang Gaji 1.100 Office Supplies Expense Beban Perlengkapan Kantor 1.600 Insurance Expense Beban Asuransi 1.000 Depreciation Expense Beban Depresiasi 5.400 Owner's Drawing Penarikan Pemilik ? Instruction: 1. Prepare a complete worksheet. (5%) Note: You should find the balance of Owner's Drawing yourself. 2. Prepare financial statements for fiscal year 2020: a. Multiple step Income statement. (10%) b. Owner's Equity Statement. (3%) c. Classified Statement of Financial Position Balance Sheet (10%) Separate Current Assets/Non-Current Assets and Current-Liabilities/Non-Current Liabilities. Note: Bank Payable is a long-term liability, however portion of bank payable that should be paid next year is Rp15,000. 3. Prepare closing entries. (4%) 4. Prepare a post-closing trial balance. (3%)