Reference no: EM132653393
Question
Question a) Journalise and post the adjusting entries that you have created in (d) to the affected accounts.
Question b) Prepare an adjusted trial balance for September 2020.
Question c) Prepare a Statement of Profit or Loss for September 2020.
Question d) Prepare a Statement of Changes in Equity for September 2020.
Question e) Prepare a classified Statement of Financial Position for September 2020.
Question f) Prepare the closing entries and post to the relevant T-accounts.
Question g) Prepare a post-closing trial balance for September 2020.
Adelene owns an accounting firm, Adele &Co., that provides auditing, accounting, tax computation and secretarial services to its clients. The company has the following balances on 31 August 2020.
Cash
Accounts receivable RM11,200 8,400
Supplies 3,100
Prepaid insurance 3,600
Office equipment 24,500
Accumulated depreciation - Office equipment 7,300
Office furniture 18,800
Accumulated depreciation - Office furniture 5,600
Accounts payable 7,700
Unearned revenue 5,900
Utilities payable 600
Adelene, Capital 45,000
Adelene, Drawings 2,500
During September, the following transactions occurred:
Sep 4 Paid office rent of RM1,200 for September.
5 Completed an accounting assignment for RM3,800. The client has made payment last month.
7 Paid the outstanding utilities bills in full.
8 Purchased RM900 supplies for cash.
11 Received a RM1,500 bill for advertising job vacancies in newspapers and online recruitment websites.
14 Completed annual return for a client and received cash RM500.
17 Paid RM4,700 to suppliers for amount due on account.
24 Completed an audit assignment for RM8,000. The client paid 30% cash, and the balance will be paid next month.
28 Paid employee salaries RM5,000.
29 Received RM3,000 cash for audit service to be performed in mid October.
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