The following is a trial balance for Neskopi Trading as at 31 December 2021 1 ii....
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The following is a trial balance for Neskopi Trading as at 31 December 2021 1 ii. i. iv V Neskopi Trading Trial Balance as at 31 December 2021 vi. vil. Cash Prepaid insurance Office supplies Land Vehicle Office furniture Prepaid rent receivable Notes payable Capital Drawings Rent received Salary expense Utility expense Repairs and maintenance RM 17.100 5,400 3.300 20,000 130,000 28.000 Additional information: Office supplies have not been used until 31 December 2021 amounted RM1,700 Prepaid insurarice is the premium paid for the period of 18 months starting from 1 June 2021 Annual depreciation for vehicle is RM5,800 while office furniture is to be depreciated using the straight- line method it is estimated to have a useful life of six (6) years with a residual value of RM4,000 Prepaid rent receivable account is used to record advance payment from customers. From the total amount stated, RM5.000 has been completed as at 31 December 2021 Salary of RM110 is paid daily and it is discovered that at the end of the accounting period has only been paid until 26 December 2021. Required: (a) Complete a worksheet for the financial year 2021 5,000 51,000 9,400 3,600 272,800 RM 6,800 86,000 100,000 80,000 272,800 Rent received of RM800 has not yet been billed and collected as at 31 December 2021 Interest on notes payable of 12% per annum starting from 1 September 2021 has not yet been paid as at 31 December 2021 (b) Journalise the adjusting and closing entries as entered in the worksheet. (c) Prepare a Comprehensive Income Statement for the year ended 31 December 2021 (d) Prepare a Statement of Financial Position as at 31 December 2021 The following is a trial balance for Neskopi Trading as at 31 December 2021 1 ii. i. iv V Neskopi Trading Trial Balance as at 31 December 2021 vi. vil. Cash Prepaid insurance Office supplies Land Vehicle Office furniture Prepaid rent receivable Notes payable Capital Drawings Rent received Salary expense Utility expense Repairs and maintenance RM 17.100 5,400 3.300 20,000 130,000 28.000 Additional information: Office supplies have not been used until 31 December 2021 amounted RM1,700 Prepaid insurarice is the premium paid for the period of 18 months starting from 1 June 2021 Annual depreciation for vehicle is RM5,800 while office furniture is to be depreciated using the straight- line method it is estimated to have a useful life of six (6) years with a residual value of RM4,000 Prepaid rent receivable account is used to record advance payment from customers. From the total amount stated, RM5.000 has been completed as at 31 December 2021 Salary of RM110 is paid daily and it is discovered that at the end of the accounting period has only been paid until 26 December 2021. Required: (a) Complete a worksheet for the financial year 2021 5,000 51,000 9,400 3,600 272,800 RM 6,800 86,000 100,000 80,000 272,800 Rent received of RM800 has not yet been billed and collected as at 31 December 2021 Interest on notes payable of 12% per annum starting from 1 September 2021 has not yet been paid as at 31 December 2021 (b) Journalise the adjusting and closing entries as entered in the worksheet. (c) Prepare a Comprehensive Income Statement for the year ended 31 December 2021 (d) Prepare a Statement of Financial Position as at 31 December 2021
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College Accounting A Practical Approach
ISBN: 978-0132564441
11th Canadian Edition
Authors: Jeffrey Slater, Brian Zwicker
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