QUESTION 2 Part A Qi Ming started her own gym and fitness center, named QM Fitness Gym Centre on 1 May 2020. The trial balance at 31 May 2020 is as follows QM Fitness Gym Centre Trial Balance 31 May 2020 Debit Credit Cash RM7,700 Account receivable 4,000 Prepaid insurance 2,400 Supplies 1,500 Gym equipment 12,000 Account payable RM3,500 Unearned membership fees revenues 3,000 Qi Ming capital 19,100 Membership fees revenues 6,000 Salaries expense 3,000 Rent expense 1.000 RM31.600 RM31,600 Additional information for the QM Fitness Gym Centre in May 2020 are as follow: i. RM500 of supplies have been used during the month. ii. Utilities expense incurred but not paid on 31 May 2020, RM200. NWW FHNDHSZANEJSYE Continued... INDIVIDUAL ASSKINMENT 217 DFA44 ANANCIAL ACCOUNTING 11 NOVEMBER 2021 ii. The insurance policy is for 1 year and expired for a month. iv. RM1,000 of the balance in the uneamed membership fees revenues account remains unearned at the end of the month, v. 31 May is a Thursday, and employees are paid on Friday. QM Fitness Gym Centre has two employees, who are paid RM500 each for 5 days work week. vi. The Gym equipment has a 5-year life with no salvage value. It is being depreciated at RM200 per month for 60 months. vii, Invoices representing RM2,000 of coaching services performed during the month have not been recorded as of 31 May, (a) (7 marks) Required Prepare the adjusting entries for the month of May. (b) Prepare an adjusted trial balance at 31 May 2020. (c) Prepare the Statement of Financial Position as at 31 May 2020. Prepare the closing entries for the month of May. (5 marks) (5 marks) (d) (4 marks) QUESTION 2 Part A Qi Ming started her own gym and fitness center, named QM Fitness Gym Centre on 1 May 2020. The trial balance at 31 May 2020 is as follows QM Fitness Gym Centre Trial Balance 31 May 2020 Debit Credit Cash RM7,700 Account receivable 4,000 Prepaid insurance 2,400 Supplies 1,500 Gym equipment 12,000 Account payable RM3,500 Unearned membership fees revenues 3,000 Qi Ming capital 19,100 Membership fees revenues 6,000 Salaries expense 3,000 Rent expense 1.000 RM31.600 RM31,600 Additional information for the QM Fitness Gym Centre in May 2020 are as follow: i. RM500 of supplies have been used during the month. ii. Utilities expense incurred but not paid on 31 May 2020, RM200. NWW FHNDHSZANEJSYE Continued... INDIVIDUAL ASSKINMENT 217 DFA44 ANANCIAL ACCOUNTING 11 NOVEMBER 2021 ii. The insurance policy is for 1 year and expired for a month. iv. RM1,000 of the balance in the uneamed membership fees revenues account remains unearned at the end of the month, v. 31 May is a Thursday, and employees are paid on Friday. QM Fitness Gym Centre has two employees, who are paid RM500 each for 5 days work week. vi. The Gym equipment has a 5-year life with no salvage value. It is being depreciated at RM200 per month for 60 months. vii, Invoices representing RM2,000 of coaching services performed during the month have not been recorded as of 31 May, (a) (7 marks) Required Prepare the adjusting entries for the month of May. (b) Prepare an adjusted trial balance at 31 May 2020. (c) Prepare the Statement of Financial Position as at 31 May 2020. Prepare the closing entries for the month of May. (5 marks) (5 marks) (d) (4 marks)