The following are the financial information provided by YUSRA SERVICES. YUSRA SERVICES Unadjusted Trial Balance for...
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The following are the financial information provided by YUSRA SERVICES. YUSRA SERVICES Unadjusted Trial Balance for the month ended 31 December 2021 Cash Office supplies Prepaid insurance Computer equipment YUSRA, Capital YUSRA, Withdrawals Commissions earned Salaries expense Rent expense Repairs expense Telephone expense TOTAL Debit RM 27,804 1,000 1,596 20,000 1,500 3,200 1,800 350 750 58,000 Credit RM 50,000 8,000 58,000 The review of YUSRA's books of accounts reveals that the following ajustments need to be recorded at the end of its fiscal year: i. Prepaid insurance of RM133 has expired this month. ii. At the end of the month, RM600 of office supplies are still available. iii. This month's depreciation on the computer equipment is RM500. iv. Employees earned RM420 of unpaid and unrecorded salaries as of month-end v. The company earned RM1,750 of commissions that are not yet billed at month- end. Required 1. Prepare the adjusting entries for the month ended at 31 December 2021 2. Post the adjusting entries to the ledger accounts. 3. Prepare the adjusted trial balance as of 31 December 2021. 4. Prepare the following: a. The income statement for the month ended at 31 December 2021 (5 Marks) (6 Marks) (5 Marks) (5 Marks) b. The statement of changes in equity for the month ended at 31 December 2021 c. The statement of fiancial postion at 31 December 2021. (3 Marks) (7 Marks) The following are the financial information provided by YUSRA SERVICES. YUSRA SERVICES Unadjusted Trial Balance for the month ended 31 December 2021 Cash Office supplies Prepaid insurance Computer equipment YUSRA, Capital YUSRA, Withdrawals Commissions earned Salaries expense Rent expense Repairs expense Telephone expense TOTAL Debit RM 27,804 1,000 1,596 20,000 1,500 3,200 1,800 350 750 58,000 Credit RM 50,000 8,000 58,000 The review of YUSRA's books of accounts reveals that the following ajustments need to be recorded at the end of its fiscal year: i. Prepaid insurance of RM133 has expired this month. ii. At the end of the month, RM600 of office supplies are still available. iii. This month's depreciation on the computer equipment is RM500. iv. Employees earned RM420 of unpaid and unrecorded salaries as of month-end v. The company earned RM1,750 of commissions that are not yet billed at month- end. Required 1. Prepare the adjusting entries for the month ended at 31 December 2021 2. Post the adjusting entries to the ledger accounts. 3. Prepare the adjusted trial balance as of 31 December 2021. 4. Prepare the following: a. The income statement for the month ended at 31 December 2021 (5 Marks) (6 Marks) (5 Marks) (5 Marks) b. The statement of changes in equity for the month ended at 31 December 2021 c. The statement of fiancial postion at 31 December 2021. (3 Marks) (7 Marks)
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Answer rating: 100% (QA)
Step 1 Prepare Adjusting Entries Prepaid Insurance and Insurance Expense Entry Account Debit RM Credit RM Prepaid insurance 133 Insurance expense 133 ... View the full answer
Related Book For
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Posted Date:
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