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    Bdq Arrogant
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    The adjusted trial balance as of May 31, 2023 shows total debits of RM685,080 equal to total credits. It includes asset, liability and capital accounts. The income statement for the year ended May 31, 2023 shows total revenues of RM252,010 and total expenses of RM198,440, resulting in net income of RM53,570. The balance sheet as of May 31, 2023 includes current assets of RM262,540, non-current assets of RM167,000, total assets of RM429,540 and current liabilities of RM68,590.

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    Book1

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    The adjusted trial balance as of May 31, 2023 shows total debits of RM685,080 equal to total credits. It includes asset, liability and capital accounts. The income statement for the year ended May 31, 2023 shows total revenues of RM252,010 and total expenses of RM198,440, resulting in net income of RM53,570. The balance sheet as of May 31, 2023 includes current assets of RM262,540, non-current assets of RM167,000, total assets of RM429,540 and current liabilities of RM68,590.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    1 views14 pages

    Book 1

    Uploaded by

    Bdq Arrogant
    The adjusted trial balance as of May 31, 2023 shows total debits of RM685,080 equal to total credits. It includes asset, liability and capital accounts. The income statement for the year ended May 31, 2023 shows total revenues of RM252,010 and total expenses of RM198,440, resulting in net income of RM53,570. The balance sheet as of May 31, 2023 includes current assets of RM262,540, non-current assets of RM167,000, total assets of RM429,540 and current liabilities of RM68,590.

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    of 14

    ERIC CONSULTANT

    TRIAL BALANCE AS AT 31 MAY 2023


    ACCOUNT DEBIT CREDIT

    Cash RM 41,000.00
    Accounts receivable RM 180,000.00
    Supplies RM 19,500.00
    Unearned fees revenue RM 24,700.00
    Fees revenue RM 238,200.00
    Prepaid rent RM 13,200.00
    Prepaid insurance RM 36,000.00
    Equipment RM 217,100.00
    Accumulated depreciation-Equipment RM 33,400.00
    Accounts payable RM 27,300.00
    Bank loan RM 127,600.00
    Eric, Capital RM 180,400.00
    Eric, Drawing RM 7,000.00
    Salaries expense RM 115,000.00
    Rent expense RM 2,000.00
    Utility expense RM 800.00

    RM 631,600.00 RM 631,600.00
    ERIC CONSULTANT
    GENERAL JOURNAL
    ACCOUNTS AND DESCRIPTION DEBIT CREDIT
    Supplies expense RM 11,960.00
    Supplies RM 11,960.00
    (To record supplies used)
    Consultation fees receivable RM 6,400.00
    Consultation fees revenue RM 6,400.00
    (To record unearned revenues for consultation
    provided)
    Equipment depreciation expense RM 16,700.00
    Accumulated depreciation-Equipment RM 16,700.00
    (To record equipment depreciation expense for
    the period)
    Fees revenue RM 7,410.00
    Unearned
    (To record 30% feesfees
    unearned revenue
    revenue earned RM 7,410.00
    by 31 May 2023)
    Salary expense RM 24,000.00
    Salary payable RM 24,000.00
    (To record accrued salary expense)
    Insurance Expense RM 2,100.00
    Prepaid insurance RM 21,000.00
    (To record insurance expense for five-month)
    Rent expense RM 6,600.00
    Prepaid rent RM 6,600.00
    (To record rent expense for three-month)
    Interest expense RM 6,380.00
    Interest payable RM 6,380.00
    (To record accrued intrest expense for six-
    month)

    ERIC CONSULTANT
    GENERAL JOURNAL
    ACCOUNTS AND DESCRIPTION DEBIT CREDIT
    DR : Supplies expense RM 11,960.00
    CR : Supplies RM 11,960.00
    (To record supplies used)
    DR : Consultation fees receivable RM 6,400.00
    CR : Consultation fees revenue RM 6,400.00
    (To record unearned revenues for consultation
    provided)
    DR : Equipment depreciation expense RM 16,700.00
    CR : Accumulated depreciation-Equipment RM 16,700.00
    (To record equipment depreciation expense for
    the period)
    DR : Fees revenue RM 7,410.00
    CR
    (To :record
    Unearned
    30%fees revenue
    unearned fees revenue earned RM 7,410.00
    by 31 May 2023)
    DR : Salary expense RM 24,000.00
    CR : Salary payable RM 24,000.00
    (To record accrued salary expense)
    DR : Insurance Expense RM 2,100.00
    CR : Prepaid insurance RM 21,000.00
    (To record insurance expense for five-month)
    DR : Rent expense RM 6,600.00
    CR : Prepaid rent RM 6,600.00
    (To record rent expense for three-month)
    DR : Intrest expense RM 6,380.00
    CR : Intrest payable RM 6,380.00
    (To record accrued intrest expense for six-
    month)
    ERIC CONSULTANT
    ADJUSTED TRIAL BALANCE AS AT 31 MAY 2023
    ACCOUNT DEBIT CREDIT

    Cash RM 41,000.00
    Accounts receivable RM 180,000.00
    Supplies RM 7,540.00
    Unearned fees revenue RM 17,290.00
    Fees revenue RM 245,610.00
    Prepaid rent RM 6,600.00
    Prepaid insurance RM 21,000.00
    Equipment RM 217,100.00
    Accumulated depreciation-Equipment RM 50,100.00
    Accounts payable RM 27,300.00
    Bank loan RM 127,600.00
    Eric, Capital RM 180,400.00
    Eric, Drawing RM 7,000.00
    Salaries expense RM 139,000.00
    Rent expense RM 8,600.00
    Utility expense RM 800.00
    Supplies expense RM 11,960.00
    Insurance expense RM 15,000.00
    Salary payable RM 24,000.00
    Interest expense RM 6,380.00
    Inetrest payable RM 6,380.00
    Consultation fees receivable RM 6,400.00
    Consultation fees revenue RM 6,400.00
    Equipment depreciation expense RM 16,700.00

    RM 685,080.00 RM 685,080.00

    ERIC CONSULTANT
    ADJUSTED TRIAL BALANCE AS AT 31 MAY 2023
    ACCOUNT DEBIT CREDIT

    Cash RM 41,000.00
    Accounts receivable RM 180,000.00
    Supplies RM 7,540.00
    Prepaid rent RM 6,600.00
    Prepaid insurance RM 21,000.00
    Equipment RM 217,100.00
    Eric, Drawing RM 7,000.00
    Salaries expense RM 139,000.00
    Rent expense RM 8,600.00
    Utility expense RM 800.00
    Supplies expense RM 11,960.00
    Insurance expense RM 15,000.00
    Interest expense RM 6,380.00
    Consultation fees receivable RM 6,400.00
    Equipment depreciation expense RM 16,700.00

    RM 685,080.00

    Unearned fees revenue RM 17,290.00


    Fees revenue RM 245,610.00
    Accumulated depreciation-Equipment RM 50,100.00
    Accounts payable RM 27,300.00
    Bank loan RM 127,600.00
    Eric, Capital RM 180,400.00
    Salary payable RM 24,000.00
    Interest payable RM 6,380.00
    Consultation fees revenue RM 6,400.00
    RM 685,080.00
    ERIC CONSULTANT
    INCOME STATMENT FOR THE YEAR ENDED 31 MAY 2023

    Revenues
    Fees revenue RM 245,610.00
    Consultation fees revenue RM 6,400.00
    RM 252,010.00

    Less Operating Expenses


    Salaries expense RM 139,000.00
    Rent expense RM 8,600.00
    Utility expense RM 800.00
    Supplies expense RM 11,960.00
    Insurance expense RM 15,000.00
    Interest expense RM 6,380.00
    Equipment depreciation expense RM 16,700.00
    RM 198,440.00 -RM 198,440.00

    Net Income RM 53,570.00


    ERIC CONSULTANT
    BALANCE SHEET FOR AS AT 31 MAY 2023

    Current Assets
    Cash RM 41,000.00
    Accounts receivable RM 180,000.00
    Supplies RM 7,540.00
    Prepaid rent RM 6,600.00
    Prepaid insurance RM 21,000.00
    Consultation fees receivable RM 6,400.00
    Total Current Assets RM 262,540.00 RM 262,540.00

    Non-Current Assets

    Equipment RM 217,100.00
    Accumulated depreciation-Equipment -RM 50,100.00
    Total Non-Current Assets RM 167,000.00 RM 167,000.00

    TOTAL ASSETS RM 429,540.00

    Current Liabilities
    Unearned fees revenue RM 17,290.00
    Accounts payable RM 27,300.00
    Salary payable RM 24,000.00
    Interest payable RM 6,380.00
    Total Current Liabilities RM 74,970.00 RM 74,970.00

    Non-Current Liabilities
    Bank loan RM 127,600.00
    Total Non-Current Liabilities RM 127,600.00 RM 127,600.00

    TOTAL LIABILITIES RM 202,570.00

    NET ASSETS RM 226,970.00

    Owner's Equtiy
    Eric, Capital RM 180,400.00
    Add Net Income RM 53,570.00
    RM 233,970.00 RM 233,970.00
    Less Eric, Drawing -RM 7,000.00

    CLOSING CAPITAL 31 MAY 2023 RM 226,970.00


    ERIC CONSULTATION
    GENERAL JOURNAL
    ACCOUNTS AND DESCRIPTION DEBIT CREDIT
    Supplies expense RM 11,960.00
    Supplies RM 11,960.00
    (To record supplies used)
    Consultation fees receivable RM 6,400.00
    Consultation fees revenue RM 6,400.00
    (To record unearned revenues for consultation
    provided)
    Equipment depreciation expense RM 16,700.00
    Accumulated depreciation-Equipment RM 16,700.00
    (To record equipment depreciation expense for
    the period)
    Fees revenue RM 7,410.00
    Unearned
    (To record 30% feesfees
    unearned revenue
    revenue earned RM 7,410.00
    by 31 May 2023)
    Salary expense RM 24,000.00
    Salary payable RM 24,000.00
    (To record accrued salary expense)
    Insurance Expense RM 2,100.00
    Prepaid insurance RM 21,000.00
    (To record insurance expense for five-month)
    Rent expense RM 6,600.00
    Prepaid rent RM 6,600.00
    (To record rent expense for three-month)
    Interest expense RM 6,380.00
    Interest payable RM 6,380.00
    (To record accrued intrest expense for six-
    month)
    ERIC CONSULTANT
    ADJUSTED TRIAL BALANCE AS AT 31 MAY 2023
    ACCOUNTS DEBIT CREDIT

    Cash RM 41,000.00
    Accounts receivable RM 180,000.00
    Supplies RM 7,540.00
    Unearned fees revenue RM 17,290.00
    Fees revenue RM 245,610.00
    Prepaid rent RM 6,600.00
    Prepaid insurance RM 21,000.00
    Equipment RM 217,100.00
    Accumulated depreciation-Equipment RM 50,100.00
    Accounts payable RM 27,300.00
    Bank loan RM 127,600.00
    Eric, Capital RM 180,400.00
    Eric, Drawing RM 7,000.00
    Salaries expense RM 139,000.00
    Rent expense RM 8,600.00
    Utility expense RM 800.00
    Supplies expense RM 11,960.00
    Insurance expense RM 15,000.00
    Salary payable RM 24,000.00
    Interest expense RM 6,380.00
    Inetrest payable RM 6,380.00
    Consultation fees receivable RM 6,400.00
    Consultation fees revenue RM 6,400.00
    Equipment depreciation expense RM 16,700.00

    RM 685,080.00 RM 685,080.00
    ERIC CONSULTANT
    INCOME STATMENT FOR THE YEAR ENDED 31 MAY 2023

    Revenues
    Fees revenue RM 245,610.00
    Consultation fees revenue RM 6,400.00
    RM 252,010.00

    Less Operating Expenses


    Salaries expense -RM 139,000.00
    Rent expense -RM 8,600.00
    Utility expense -RM 800.00
    Supplies expense -RM 11,960.00
    Insurance expense -RM 15,000.00
    Interest expense -RM 6,380.00
    Equipment depreciation expense -RM 16,700.00
    -RM 198,440.00

    Net Income RM 53,570.00


    ERIC CONSULTANT
    BALANCE SHEET FOR AS AT 31 MAY 2023

    Current Assets
    Cash RM 41,000.00
    Accounts receivable RM 180,000.00
    Supplies RM 7,540.00
    Prepaid rent RM 6,600.00
    Prepaid insurance RM 21,000.00
    Consultation fees receivable RM 6,400.00
    Total Current Assets RM 262,540.00

    Non-Current Assets

    Equipment RM 217,100.00
    Accumulated depreciation-Equipment -RM 50,100.00
    Total Non-Current Assets RM 167,000.00

    TOTAL ASSETS RM 429,540.00

    Current Liabilities
    Unearned fees revenue RM 17,290.00
    Accounts payable RM 27,300.00
    Salary payable RM 24,000.00
    Interest payable RM 6,380.00
    Total Current Liabilities RM 74,970.00

    Non-Current Liabilities
    Bank loan RM 127,600.00
    Total Non-Current Liabilities RM 127,600.00

    TOTAL LIABILITIES -RM 202,570.00

    NET ASSETS RM 226,970.00

    Owner's Equtiy
    Eric, Capital RM 180,400.00
    Add Net Income RM 53,570.00
    RM 233,970.00
    Less Eric, Drawing -RM 7,000.00

    CLOSING CAPITAL 31 MAY 2023 RM 226,970.00

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