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Syarikat Bernama is a small company operated by Ikhwan three years ago. On July 31, 2019, the trial balance of Syarikat Bernama is as follows:
| Cash | 3,425 | |
| Account Receivables | 7,000 | |
| Supplies | 1,270 | |
| Prepaid Insurance | 620 | |
| Office Equipment | 51,650 | |
| Accumulated Depreciation | | 9,700 |
| Accounts Payable | | 925 |
| Unearned Fees | | 1,250 |
| Ikhwan, Capital | | 29,000 |
| Ikhwan, Withdrawals | 5,200 | |
| Fees Earned | | 59,125 |
| Wages Expense | 22,415 | |
| Rent Expense | 4,200 | |
| Utility Expense | 2,715 | |
| Miscellaneous Expense | 1,505 | |
| | 100,000 | 100,000 |
The data needed to determine year-end adjustments are as follows:
- Supplies on hand at July 31, 2019, RM380.
- Insurance premiums expired during the year, RM315.
- Depreciation of equipment during the year, RM4,950
- Wages accrued but were not paid on July 31, 2019, RM440.
- Accrued fees earned but not recorded at July 31, 2019, RM1,000.
- Unearned fees on July 31, 2019, RM750.
REQUIRED:
- Journalize the adjusting entries.
- Prepare the income statement, a statement of owner equity and a balance sheet.
- Journalize the closing entries.
- Prepare a post-closing trial balance.
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