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QUESTION 4 The following are part of the account balances for Syarikat Permata as at 31 October 2017, which is at the end of its financial year. These accounts all have normal balances. RM Sales Sales discounts Cost of goods sold Incoming transport Purchase discount Spend sales salaries Administrative salary expenses Rent shopping Utility shopping 298,00 0 12,000 150,00 0 200 300 4,000 3,000 5,000 2,000 The data for adjustment are as follows: V i. The inventory account shows a balance of RM42,500 however the physical calculation of the inventory shows an actual balance of RM42,400. ii. The supplies that have been used are worth RM3,000. iii. Depreciation of equipment for the accounting period is RM8,000. iv. Interest amounting to RM1,000 is accrued on the notes payable. The October salary of RM3,000 will only be paid in early November. It is divided equally between the salaries of sales staff and the salaries of administrative staff. vi. Rental payments received from customers for September, October and November were credited to the Unearned Rental account on 1 September 2017. The monthly rent is RM4,500. Be required: a) Prepare adjustment journal entries by October 31, 2017. b) Prepare a tiered Income Statement for the year ended 31 October 2017

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