BUSINESS SOLUTIONS

APPENDIX C

PREPARED FOR:

DR SHAHNAZ BINTI ISMAIL

PREPARED BY:

GROUP 9

NAME NO. MATRIC

1. NUR NABIHAH BINTI MOHD NASIR S57862

2. SITI NOR SAADAH BINTI MOHD BOKRY S58286

3. NUR MARSYITAH HUSNA BINTI ZAINUDDIN S58676

4. ZUHAIRAH HUSNA BINTI ZULKIFLI S58956

5. SITI SARAH AFRINA BINTI MOHD RUSLI S59853

1. Journal entries of December transaction and event for Business Solutions.

Date Account title Debit ($) Credit ($)

Dec 2 Advertising expense 1,025
Cash 1,025
Dec 3 Repair expense- computer 500
Cash 500
Dec 4 Cash 3,950
Account receivable 3,950
De 10 Wages expense ($125x6) 750
Cash 750
Dec 14 Cash 1,500
Unearned computer service revenue 1,500
Dec 15 Computer supplies 1,100
Account payable 1,100
Dec 20 Cash 5,625
Computer service revenue 5,625
Dec 28 Cash 3,000
Account receivable 3,000
Dec 29 Mileage expenses (600miles x $0.32) 192
Cash 192
Dec 31 S. Rey Withdrawals 1,500
Cash 1,500

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Ledger of December transaction and event for Business Solutions.

Cash
Bal b/d 38,264 Dec 2 1,025
Dec 4 3,950 Dec 3 500
Dec 14 1,500 Dec 10 750
Dec 20 5,625 Dec 29 192
Dec 28 3,000 Dec 31 1,500

Bal c/d 48,378

52,339 52,339
Balance b/d $48,378

Advertising Expense
Bal b/d 1,728
Dec 2 1,025
Bal c/d 2,753
2,753 2,753
Balance b/d $2,753

Repair Expense ($)

Bal b/d 805
Dec 3 500 Balance b/d $1,305

Bal c/d 1,305

1,305 Receivable
Account 1,305

Bal b/d 12,618 Dec 4 3,950

Balance b/d $5,665
Dec 28 3,000

Bal c/d 5,665 Wages Expense ($)

12,618 12,618 Bal b/d 2,625
Balance b/d $3,375 Dec 10 750
Bal c/d 3,375
3,375 3,375
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Unearned Computer Service Revenue ($)
Bal b/d 0
Balance b/d $1,500
Dec 15 1,500

Bal c/d 1,500

Computer Supplies ($)
1,500 1,500
Bal b/d 2,545
Balance b/d $3,645 Dec 15 1,100
Bal c/d 3,645

Account Payable ($) 3,645 3,645

Bal b/d 0
Balance b/d $1,100
Dec 15 1,100
Bal c/d 1,100
1,100
Computer 1,100
Service Revenue ($)
Bal b/d 25,569
Dec 20 5,625 Balance b/d $31,284

Bal c/d 31,284

31,284 31,284
Mileage Expense ($)
Bal b/d 704
Balance b/d $896
Dec 29 192
Bal c/d 896
896 896
S. Rey Withdrawal ($)
Bal b/d 5,600
Dec 31 1,500 Balance b/d $7,100

Bal c/d 7,100

7,100 7,100

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2. Adjusting entries

Account tittle Debit ($) Credit ($)

A Computer supplies expense 3,065
Computer supplies 3,065
B Insurance expense (2,220/12) = (x3) 555
Prepaid insurance 555
C Wages expense ($125x4) 500
Wages payable 500
D Depreciation expenses – computer equipment 1,250
Accumulated depreciation – computer equipment 1,250
E Depreciation expenses – office equipment 400
Accumulated depreciation – office equipment 400
F Rent expense 2,475
Prepaid rent 2,475

Ledger adjusting entries

Computer Supplies Expense ($)

Bal b/d 0
3,065 Balance b/d $ 3,065

Bal c/d 3,065

3,065 3,065
Computer supplies ($)
Bal b/d 3,645 3,065
Balance b/d $ 580

Bal c/d 580

3,645 Expense ($) 3,645
Insurance
Bal b/d 0
Balance b/d $555
555
Bal c/d 555
555 Insurance ($)
Prepaid 555

Bal b/d 2,220 555

Balance b/d $1,665

Bal c/d 1,665

2,220 2,220

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 Wages Expense ($)
Bal b/d 3,375 Balance b/d $3,875
500
Bal c/d 3,875
Wages
3,875 Payable ($) 3,875
Bal b/d 0
500 Balance b/d $500

Bal c/d 500

500 500

Depreciation Expenses – Computer

Equipment ($)
Balance b/d $1,250
Bal b/d 0
1,250
Bal c/d 1,250 Accumulated Depreciation – Computer
1,250 1,250 Equipment ($)
Balance b/d $1,250 Bal b/d 0
1,250
Bal c/d 1,250
Depreciation Expenses – Office
1,250 1,250
Equipment ($)
Balance b/d $400
Bal b/d 0
400
Bal c/d 400
Accumulated Depreciation – Office
400 400
Equipment ($)
Balance b/d $400 Bal b/d 0
400 400
Bal c/d
Rent Expense ($)
400 400
Bal b/d 0
2,475 Balance b/d $2,475

Bal c/d 2,475

2,475 2,475
Prepaid Rent ($)
Bal b/d 3,300 2,475
Balance b/d $825

Bal c/d 825 6|Page

3,300 3,300
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3. Adjusted trial balance of 31 December 2021

Business Solutions
Adjusted Trial Balance
31 December, 2021

ACCOUNT TITLE DEBIT ($) CREDIT ($)

Cash 48,372
Accounts Receivable 5,668
Computer Supplies 580
Prepaid Insurance 1,665
Prepaid Rent 825
Office Equipment 8,000
Accumulated Depreciation - Office Equipment 400
Computer Equipment 20,000
Account Depreciation – Computer Equipment 1,250
Account Payable 1,100
Wages Payable 500
Unearned Computer Service Revenue 1,500
S. Rey. Capital 73,000
S. Rey. Withdrawal 7,100
Computer Service Revenue 31,284
Depreciation Expense – Office Equipment 400
Depreciation Expense – Computer Equipment 1,250
Wages Expense 3,875
Rent Expense 2,475
Computer Supplies Expense 3,065
Advertising Expense 2,753
Mileage Expense 896
Miscellaneous Expense 250
Repair Expense - Computer 1,305
Insurance Expense 555
Total 109,034 109,034

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4. Income statement for the three months ended 31 December 2021

Business Solutions
Income Statement
For The Three Months Ended 31 December 2021

Revenue
Computer service revenue $ 31,284
Total revenue $ 31,284
Expenses
Depreciation expense – office equipment 400
Depreciation expense – computer equipment 1,250
Wages expense 3,875
Rent expense 2,475
Computer supplies expense 3,065
Advertising expense 2,753
Mileage expense 896
Miscellaneous expense 250
Repair expense – computer 1,305
Insurance expense 555
Total expense 16,824
Net profit $ 14,460

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5. Statement of changes in equity for the three months ended December 31,2021

Business Solutions
Statement Of Changes In Equity
For The Three Months Ended 31 December 2021

S.Rey,Capital
Add : Investment by owner $ 73,000
Net Profit 14,460 87,460
87,460

Less : Withdrawal by owner 7,100

S.Rey,Capital $ 80,360

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6. Statement of Financial Position/Balance Sheet as of 31 December 2021

Business Solutions

Statement of Financial Position

As Of 31 December 2021

Asset $ $
Current Asset

Cash …………………………………………………………………….. 48,372

Account Receivable ………………………………………………… 5,668
Computer Supplies …………………………………………………. 580
Prepaid Insurance ………………………………………………….. 1,665
Prepaid Rent …………………………………………………………. 825
Total Current Asset 57,110

Non-Current Asset
Office Equipment …………………………………………………… 8,000
Computer Equipment ……………………………………………… 20,000
Accumulated Depreciation- Office Equipment ……………. (400)
Accumulated Depreciation- Computer Equipment ……… (1,250) 26,350
Total Asset $ 83,460

Liability
Current Liability
Account Payable ……………………………………………………. 1,100
Wages Payable ………………………………………………………. 500
Unearned Computer Service Revenue ………………………. 1,500
Equity
Owner Capital ……………………………………………………….. 80,360
Total Liability + Equity $ 83,460

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