Additional Informations: 1. Inventory as at June 30, 2020 is RM6,300. 2. Annual salaries expense is RM6,000. Salaries for the month of June 2020, is unpaid and unrecorded. 3. The insurance policy RM1,800 paid to Syarikat Takaful Malaysia Bhd. is for 6 months beginning May 1, 2020. 4. Company received RM1,200 on March 1, 2020 for sixth-month rental. 5. On June 30, 2020, RM200 merchandises have been delivered to customer but not yet recorded. 6. One of the Accounts Receivable, Puan Shamsiah has been declared bankrupt and RM400 should be considered as a bad debt. 7. Purchase discounts of RM200 has been recorded as Purchase Returns and Allowances. 8. Vehicles depreciation rate is 20% per annum on cost. 9. Madam Haura used RM150 cash to buy her children's stationery and the transaction is not yet recorded. Required: a. Prepare (CLO3, C4) the adjusting journal entries on June 30, 2020. b. Prepare (CLO3, C3) an Adjusted Trial Balance as at June 30, 2020. c. Prepare (CL03, C3) a Statement of Comprehensive Income for the year ended June 30, 2020.
Additional Informations: 1. Inventory as at June 30, 2020 is RM6,300. 2. Annual salaries expense is RM6,000. Salaries for the month of June 2020, is unpaid and unrecorded. 3. The insurance policy RM1,800 paid to Syarikat Takaful Malaysia Bhd. is for 6 months beginning May 1, 2020. 4. Company received RM1,200 on March 1, 2020 for sixth-month rental. 5. On June 30, 2020, RM200 merchandises have been delivered to customer but not yet recorded. 6. One of the Accounts Receivable, Puan Shamsiah has been declared bankrupt and RM400 should be considered as a bad debt. 7. Purchase discounts of RM200 has been recorded as Purchase Returns and Allowances. 8. Vehicles depreciation rate is 20% per annum on cost. 9. Madam Haura used RM150 cash to buy her children's stationery and the transaction is not yet recorded. Required: a. Prepare (CLO3, C4) the adjusting journal entries on June 30, 2020. b. Prepare (CLO3, C3) an Adjusted Trial Balance as at June 30, 2020. c. Prepare (CL03, C3) a Statement of Comprehensive Income for the year ended June 30, 2020.
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....
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