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Dear tutors, I really need your help for these questions. This is

Financial Accounting & Reporting 1. I hope you can share the answers with me. Thank you for your kindness.








REQUIRED:
a)     Journalise the adjusting entries on 31 December 2019.

FAR1.png
Additional information:
1. An unpaid salaries and wages as at 31 December 2019 is RM18,000.
2. A tenant of an office space has not yet pay a rental for December 2019 amounting RM3,000.
3. The company returned defect merchandise bought from supplier and was refunded
RM3,500 in cash. The company use perpetual inventory system and this transaction has not
yet been recorded.
4. The company received RM35,000 in cash from a customer on 30 December 2019 and
recorded as sales revenue. However the company only managed to supply the merchandise
on 3 January 2020.
5. Payment for a one-year insurance coverage was made on 1 July 2019.
6. Annual depreciation for building and equipment are based on straight line depreciation
basis over a period of 50 years and 10 years respectively with no scrap value.
7. 30% of the notes payable is due next year. The note payable interest rate is 8% per annum.
FAR2.jpg
QUESTION 2 (40 MARKS)
Below is an Unadjusted Trial Balance of Jasa Tading Bhd at 31 December 2019.
Dr. (RM)
Cr. (RM)
Account receivables
109,658
Buildings
1,372,680
Cash
1,314,264
Cost of goods sold
856,152
Equipment
504,000
Patent
60,276
Income tax expense
60,340
Inventory
551,950
Land
766,800
Maintenance and repair expenses
11,953
Office expense
14,086
Prepaid insurance
48,000
Property tax expense
1,680
Salaries and wages expenses
25,334
Sales returns and allowance
1,176
Accounts payable
36,936
Accumulated depreciation - buildings
137,268
Accumulated depreciation - equipment
252,000
Deferred tax liability
21,600
Gain on revaluation of properties
29,640
Gain on sale of land
109,560
Gain on translation of foreign operations
5,880
Notes payable
194,400
Rent revenue
57,600
Retained earnings
912,720
Revaluation reserve
560,640
Translation of foreign operations reserve
263,160
Sales revenue
2,238,180
Share capital
878,765
5,698,349
5,698,349

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