Unadjusted Trial Balance 31 December 2020 Debit RM Credit RM 22,320 22,440 4,140 9,000 19,950 Cash Accounts Receivable Supplies Prepaid Insurance Cleaning Equipment Accumulated Depreciation- Cleaning Equipment Notes payable Accounts Payable 7,830 15,000 2,940 5,625 27,592 75,563 Unearned Service Revenue Owner's Capital Service Revenue Salaries and Wages Expense 56,700 134,550 TOTALS 134,550 The information below has been gathered at 31 December 2020: 1. BOMBASTIC performed services amounted RM1,725 for a client in December 2020. The client will be billed at the end of the month. 2. On 1 July 2020, BOMBASTIC borrowed RM15,000 by signing a 6%, one-year note. 3. BOMBASTIC paid RM9,000 for 12-months of insurance coverage on 1 September 2020. 4. Depreciation on the cleaning equipment for 2020 is RM2,610. 5. Salaries and wages accrued as at 31 December 2020 is RM6,750 and unearned service revenue amounted RM3,900. 6. A count of supplies on 31 December 2020 indicates that supplies of RM1,328 are on hand.
Unadjusted Trial Balance 31 December 2020 Debit RM Credit RM 22,320 22,440 4,140 9,000 19,950 Cash Accounts Receivable Supplies Prepaid Insurance Cleaning Equipment Accumulated Depreciation- Cleaning Equipment Notes payable Accounts Payable 7,830 15,000 2,940 5,625 27,592 75,563 Unearned Service Revenue Owner's Capital Service Revenue Salaries and Wages Expense 56,700 134,550 TOTALS 134,550 The information below has been gathered at 31 December 2020: 1. BOMBASTIC performed services amounted RM1,725 for a client in December 2020. The client will be billed at the end of the month. 2. On 1 July 2020, BOMBASTIC borrowed RM15,000 by signing a 6%, one-year note. 3. BOMBASTIC paid RM9,000 for 12-months of insurance coverage on 1 September 2020. 4. Depreciation on the cleaning equipment for 2020 is RM2,610. 5. Salaries and wages accrued as at 31 December 2020 is RM6,750 and unearned service revenue amounted RM3,900. 6. A count of supplies on 31 December 2020 indicates that supplies of RM1,328 are on hand.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
c) Prepare the closing entries as at 31 December 2020.
![BOMBASTIC Enterprise
Unadjusted Trial Balance
31 December 2020
Debit
RM
Credit
RM
Cash
Accounts Receivable
22,320
22,440
4,140
9,000
19,950
Supplies
Prepaid Insurance
Cleaning Equipment
Accumulated Depreciation - Cleaning Equipment
Notes payable
Accounts Payable
7,830
15,000
2,940
5,625
27,592
75,563
Unearned Service Revenue
Owner's Capital
Service Revenue
Salaries and Wages Expense
56,700
TOTALS
134,550
134,550
The information below has been gathered at 31 December 2020:
1. BOMBASTIC performed services amounted RM1,725 for a client in December 2020. The
client will be billed at the end of the month.
2. On 1 July 2020, BOMBASTIC borrowed RM15,000 by signing a 6%, one-year note.
3. BOMBASTIC paid RM9,000 for 12-months of insurance coverage on 1 September 2020.
4. Depreciation on the cleaning equipment for 2020 is RM2,610.
5. Salaries and wages accrued as at 31 December 2020 is RM6,750 and unearned service
revenue amounted RM3,900.
6. A count of supplies on 31 December 2020 indicates that supplies of RM1,328 are on hand.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F33051d9c-463b-4da9-854b-f5dc9463b3c9%2Fa7727edd-485d-4ee2-bff0-a60c12248657%2Fxpeid0w_processed.jpeg&w=3840&q=75)
Transcribed Image Text:BOMBASTIC Enterprise
Unadjusted Trial Balance
31 December 2020
Debit
RM
Credit
RM
Cash
Accounts Receivable
22,320
22,440
4,140
9,000
19,950
Supplies
Prepaid Insurance
Cleaning Equipment
Accumulated Depreciation - Cleaning Equipment
Notes payable
Accounts Payable
7,830
15,000
2,940
5,625
27,592
75,563
Unearned Service Revenue
Owner's Capital
Service Revenue
Salaries and Wages Expense
56,700
TOTALS
134,550
134,550
The information below has been gathered at 31 December 2020:
1. BOMBASTIC performed services amounted RM1,725 for a client in December 2020. The
client will be billed at the end of the month.
2. On 1 July 2020, BOMBASTIC borrowed RM15,000 by signing a 6%, one-year note.
3. BOMBASTIC paid RM9,000 for 12-months of insurance coverage on 1 September 2020.
4. Depreciation on the cleaning equipment for 2020 is RM2,610.
5. Salaries and wages accrued as at 31 December 2020 is RM6,750 and unearned service
revenue amounted RM3,900.
6. A count of supplies on 31 December 2020 indicates that supplies of RM1,328 are on hand.
![BomBasTIC Enterprise
workSHeeT
Statement of Profit or Statement of Financial
Adjusted Trial
Balance
Account Titles
Trial Balance
Adjustment
Loss
Position
Dr
22 320
24 I65
1 328
Cr
Cr
Cr
Dr
22.320
22, 440
Dr
Cr
Dr
Dr
Cr
cash
Account receiugble
Supplies
prepaid insurvance
Equipment
Accumulated pepreciation -
Equipment
Notes payable
ACCounts payable
Unearned jervice Revenye
owner's capital
service Revenue
Salayes and wages expense
22 230
24 165
1 328
G 000
1 725
Y.140
2812
9,000
19,950
3000
600
19950
|৭ १६०
7830
2 610
10 440
1o 440
15000
2 940
5625
23 592
75 563.
15 000
2 १५०
3900
27 592
19 013
15 000
2940
3 १००
21 592
1 725
3 450
79013
6 750
56700
134 550 134 550
63 450
63450
Interest payable
Interest expense
Insuvance expense
bepreciation expense -
gleaning equi pment
salaries and wages payab le
Supplies expense
450
450
450
os h
3000
1610
Y50
3000
2610
450
3 000
2610
6 750
6750
6750
2812
19 072
2812
2812
19 072
146 085
146 085
3 763
72322
6 691
79013
39013
Net income
Grand Total
67072
6 691
73 763
19013
73763](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F33051d9c-463b-4da9-854b-f5dc9463b3c9%2Fa7727edd-485d-4ee2-bff0-a60c12248657%2Flsvphc6_processed.jpeg&w=3840&q=75)
Transcribed Image Text:BomBasTIC Enterprise
workSHeeT
Statement of Profit or Statement of Financial
Adjusted Trial
Balance
Account Titles
Trial Balance
Adjustment
Loss
Position
Dr
22 320
24 I65
1 328
Cr
Cr
Cr
Dr
22.320
22, 440
Dr
Cr
Dr
Dr
Cr
cash
Account receiugble
Supplies
prepaid insurvance
Equipment
Accumulated pepreciation -
Equipment
Notes payable
ACCounts payable
Unearned jervice Revenye
owner's capital
service Revenue
Salayes and wages expense
22 230
24 165
1 328
G 000
1 725
Y.140
2812
9,000
19,950
3000
600
19950
|৭ १६०
7830
2 610
10 440
1o 440
15000
2 940
5625
23 592
75 563.
15 000
2 १५०
3900
27 592
19 013
15 000
2940
3 १००
21 592
1 725
3 450
79013
6 750
56700
134 550 134 550
63 450
63450
Interest payable
Interest expense
Insuvance expense
bepreciation expense -
gleaning equi pment
salaries and wages payab le
Supplies expense
450
450
450
os h
3000
1610
Y50
3000
2610
450
3 000
2610
6 750
6750
6750
2812
19 072
2812
2812
19 072
146 085
146 085
3 763
72322
6 691
79013
39013
Net income
Grand Total
67072
6 691
73 763
19013
73763
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