SELF-STUDY- to be submitted Thursday 20.4.

2023 before 12 mid night

QUESTION 1

Budi Enterprise is owned and operated by En. Budiman. The unadjusted trial balance as
at 31 December 2022 is as follows:
.
Accounts Debit(RM) Credit(RM)
Cash 8,640
Accounts Receivables 2,650
Supplies 5,350
Prepaid Insurance 2,890
Motor Vehicles 45,000
Accumulated Depreciation- Motor Vehicles 27,000
Building 120,500
Accumulated Depreciation- Building 43,380
Accounts Payables 14,990
Wages Payables 1,550
Capital, Budiman 58,210
Drawings, Budiman 8,320
Revenue 70,480
Wages Expense 20,180
Insurance Expense 2,080
Total 215,610 215,610

Additional informations at 31 December 2022.

1. Insurance premiums expired during the year are RM1,240.

2. Depreciation for motor vehicles is RM9,000 and buildings is RM10,845 per
annum.
3. Unpaid wages accrued on December 31 are RM1,420..
4. Supplies on hand at December 31 are RM280.

REQUIRED:

(a) Journalise the adjusting entries

(b) Prepare an adjusted trial balance
(c) Prepare an income statement, retain earning statement and a statement of financial
position as of 31 December 2022.

(Hints: Net Income-RM20,645; Total Assets-RM88,495)

1
QUESTION 2

Afique Enterprise is a firm owned by Afique. The firm was established since January
2019 and closes its accounts at the end of each year. The unadjusted accounts balances of
Afique Enterprise as at 31 December 2022 are as follows:

AFIQUE ENTERPRISE
Unadjusted Accounts
As at 31 December 2022
ACCOUNT (RM)
Cash 40,000
Accounts receivable 15,000
Office supplies 5,500
Prepaid insurance 8,700
Office equipment (purchased 1/1/2019) 78,000
Accumulated depreciation- Office equipment 23,400
Accounts payable 7,189
Notes payable 19,500
Unearned revenue 15,600
Afique , capital 56,941
Afique , drawing 8,710
Revenue earned 68,900
Salary expenses 23,400
Rent expenses 7,150
Miscellaneous expenses 3,000
Maintenance expenses 2,070
Total 383,060

Additional information:

1. Revenue earned but unbilled on 31 December 2022 are RM 6,500.

2. Prepaid insurance represented one year premium purchased at 1 June 2022.
3. Office supplies on hand at 31 December 2022 are RM 2,275.
4. Depreciation of equipment is based on the straight line method. The equipment has 10
years estimated life with no scrap value.

REQUIRED:

Journalize the adjusting entries at 31 December 2022.